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3:11-cv-00329
Texas Northern
Other Statutes: Other Statutory Actions
Class Action
David C Godbey
Adams & Reese LLP, Breazeale Sachse & Wilson LLP and several individual defendants have agreed to resolve a putative class action and a second related suit accusing the firms of aiding Allen Stanford's $7 billion Ponzi scheme, according to documents filed Thursday in Texas federal court.
A proposed $5 million payout to end class claims that Adams and Reese LLP, Breazeale Sachse & Wilson LLP and others aided and abetted Allen Stanford's $7 billion Ponzi scheme was challenged Monday for purportedly handing attorneys the bulk of the settlement.
Adams & Reese LLP, Breazeale Sachse & Wilson LLP and several individual defendants on Tuesday agreed to pay $5 million to settle class claims — stemming from Allen Stanford's $7 billion Ponzi scheme — alleging attorneys and directors aided and abetted in a breach of fiduciary duty and a fraudulent scheme.
A Texas federal judge on Monday trimmed back class claims stemming from Allen Stanford's $7 billion Ponzi scheme against attorneys and directors accused of aiding and abetting in a breach of fiduciary duty and a fraudulent scheme, among other allegations, saying that some of the claims were time-barred.
The onetime president of a company associated with alleged Ponzi schemer Robert Allen Stanford asked a Texas federal court Friday to dismiss him from a putative class action accusing him and other directors and officers of aiding in the massive fraud.
Adams and Reese LLP on Monday filed a motion to dismiss a putative class action in Texas implicating the firm in Robert Allen Stanford's alleged $7.2 billion Ponzi scheme.