5th Circ. Won't Let Stanford Investors Pursue $80M Suit
By Kurt Orzeck (September 16, 2015, 7:57 PM EDT) -- The Fifth Circuit on Wednesday refused to allow a group of Stanford International Bank Ltd. investors to advance their suits seeking $80 million in damages from the insurance brokers and a trust company they say helped Stanford perpetrate a $7 billion Ponzi scheme.
Affirming a district court's September 2014 decision, a three-judge panel ruled that U.S. District Judge David C. Godbey didn't abuse his discretion in declining to lift a stay on the litigation.
Judge Godbey froze Robert Allen Stanford's personal assets in February 2009 and put the bank and its affiliated entities into receivership after the U.S. Securities and Exchange...
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