5th Circ. Revives Stanford Suits Against Proskauer, Others

Law360, New York (March 19, 2012, 8:45 PM EDT) -- The Fifth Circuit on Monday revived four putative class actions against Proskauer Rose LLP, insurance broker Willis Ltd. and others over the Stanford Ponzi scheme, saying the suits are only "tangentially related" to Securities Litigation Uniform Standards Act-covered securities trades.

A Texas federal judge presiding over a multidistrict litigation concerning the scheme had found the claims in these class actions were precluded by SLUSA's restrictions on class action securities fraud suits. The investors who filed the suits had bought fraudulent certificates of deposit from Stanford International Bank Ltd. after being told they were backed by SLUSA-covered securities, according to the district...

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