Stanford Investors Fight $45M Interest On Receiver Clawback
By Dean Seal (October 26, 2021, 6:09 PM EDT) -- A group of Stanford International Bank investors asked the Fifth Circuit to reverse a $45 million interest award that a lower court tacked onto a $79 million fraudulent transfer clawback by the receiver appointed after Stanford's Ponzi scheme collapsed.
Billionaire investor Gary D. Magness and several connected entities said Tuesday that while the Fifth Circuit did rule one year ago that Stanford's receiver was entitled to $79 million transferred to Magness just before the bank's scheme was exposed, the appellate court never approved the $45 million in prejudgment interest awarded in April by a Texas federal judge.
The lower court also...
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