Bank Law Group Backs Trustmark In Stanford Clawback Row

Law360, New York (March 25, 2013, 7:21 PM EDT) -- A banking law policy group on Friday urged the Fifth Circuit to overturn an order telling Trustmark National Bank to pay $2 million to the receiver for the estate of convicted Ponzi schemer Robert Allen Stanford, arguing the order unfairly favored investors in the $7 billion scheme over the bank.

According to the Institute of International Banking Law & Practice Inc.'s amicus brief, Trustmark hadn't been given a proper chance by U.S. District Judge David C. Godbey to show its legitimate security interest in cash collateral...
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