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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS