5th Circ. Trims Antigua's Stanford Ponzi Scheme Suits

By Y. Peter Kang (November 22, 2016, 10:39 PM EST) -- Antigua has escaped claims in two suits accusing the island nation of being an active and willing participant in Allen Stanford's $7 billion Ponzi scheme after the Fifth Circuit determined Tuesday that the country's alleged nonpayment of two Stanford loans didn't directly affect U.S. investors.

The Commonwealth of Antigua and Barbuda dodged certain claims brought by former Stanford International Bank Ltd. investors accusing the Caribbean nation of receiving $71 million in loans from Antigua-based Stanford that were never expected to be repaid due to a quid pro quo arrangement in which Antigua agreed to confer legitimacy on Stanford's fraudulent enterprise. A...

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