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...

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