Stanford Workers Tell 5th Circ. Underwriters Were Let Off Easy

Law360, Houston (January 3, 2018, 4:11 PM EST) -- A group of 36 former employees of Stanford Group Cos. on Tuesday asked the Fifth Circuit to intervene in litigation over R. Allen Stanford's $7 billion Ponzi scheme, arguing a lower court wrongly allowed underwriters to walk away with $36 million of unpaid coverage without providing them any compensation or benefit.

The appeal comes after U.S. District Judge David C. Godbey approved a $65 million deal amid objections in May, resolving allegations that Lloyd’s of London and other underwriters should cover losses from the scheme, and...
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Case Information

Case Title

SEC, et al v. Stanford International Bank, et al


Case Number

17-10663

Court

Appellate - 5th Circuit

Nature of Suit

1850 Securities, commodities, Exchange

Date Filed

June 15, 2017

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