5th Circ. Tosses Stanford Ponzi Investors' Claims Against SEI
Law360 (May 14, 2021, 9:00 PM EDT) -- Investors in Robert Allen Stanford's massive Ponzi scheme lost their bid to revive claims against investment processor SEI Investments Co. on Friday when the Fifth Circuit said it hadn't seen evidence that SEI had any control over the multibillion-dollar fraud.
The appellate panel affirmed a Louisiana federal judge's dismissal of $200 million in claims alleging that SEI, which started providing Stanford Trust Co. with investment-processing and reporting services in 1998, bore control-person liability for Stanford's scheme.
According to the Fifth Circuit panel, SEI had offered competent evidence that it had no control over Stanford, while the investors had yet to explain...
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!