Allegations that Louisiana financial regulators’ failure to perform their duties contributed to the massive losses suffered by hundreds of Louisiana investors in the Stanford Trust Co. debacle can move forward as a class action, a state appeals court in Baton Rouge has ruled.
Phil Preis, the lead attorney for those residents, said Monday the damages sustained by those investors are some $400 million, which includes interest.
Roughly seven dozen mostly south Louisiana residents sued the state Office of Financial Institutions in 2009, essentially claiming OFI turned a blind eye to Stanford owner Robert Allen Stanford’s multibillion-dollar fraud scheme.
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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/