5th Circ. Affirms Stanford Ponzi Victims’ FINRA Loss

The Fifth Circuit on Friday affirmed a lower court’s ruling confirming a Financial Industry Regulatory Authority arbitral panel’s award that cleared financial services provider Pershing LLC of liability for $80 million in damages sustained by victims of R. Allen Stanford’s Ponzi scheme.

The appellate panel said in a brisk, five-sentence opinion that U.S. District Judge Lance M. Africk was right to uphold the FINRA panel’s decision that Pershing, the clearing broker for one of Stanford’s business entities, was not on the line for losses that a…

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/



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Proskauer Rose Must Go to Trial on Stanford Receiver’s Claims

• Robert Allen Stanford was convicted in 2012 for running a $7 billion Ponzi scheme
• Suit alleged Proskauer, other lawyers were negligent and abetted Stanford’s fraud

Proskauer Rose LLP has to go to trial on the claims against it brought by the receiver in the Stanford Financial Ponzi scheme case, despite having appealed a prior order, a Texas federal judge ruled.

Proskauer’s appeal from the court’s order denying its motion for judgment on the pleadings is “frivolous and dilatory,” Judge David C. Godbey of the U.S. District Court for the Northern District of Texas said April 23. A motion for judgment on the pleadings seeks a court ruling based on the papers filed, without going to trial…………..

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/



Stanford Ponzi Scheme Receiver, Ex-GC Reach Settlement

The receiver for victims of the Robert Allen Stanford Ponzi scheme has reached a confidential settlement in a clawback case against Stanford’s onetime general counsel, and both parties asked a Texas federal judge Friday to pause the suit to give the attorney time to comply with the agreement.

Receiver Ralph S. Janvey and Pablo Mauricio Alvarado, who served as Stanford’s GC from 1999 until 2009 and is now a partner at SMPS Legal, asked U.S. District Judge David C. Godbey to stay the proceedings for 120…

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/



Proskauer Looks to Ditch Still-Pending Stanford Ponzi Suit

Ahead of an upcoming Dallas trial, Proskauer’s defense team filed a notice on Thursday with the U.S. Court of Appeals for the Fifth Circuit as part of an effort to escape claims from an official committee of investors who lost money in R. Allen Stanford’s massive, long-running Ponzi scheme.

Defense lawyers for Proskauer Rose have lodged a late-stage request for a federal appeals court to shut down a case accusing the firm and a former partner of helping R. Allen Stanford to conceal his massive Ponzi scheme from regulators.

Ahead of an upcoming Dallas trial, Proskauer, through its defense team at Davis Polk & Wardwell, filed a notice on Thursday with the U.S. Court of Appeals for the Fifth Circuit as part of an effort to escape claims from an official committee of investors in Stanford Financial Group—a collection of companies that Allen Stanford used to perpetrate a years-long, $7 billion fraud that landed him in prison on a 110-year sentence…………..

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For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum https://www.tapatalk.com/groups/sivg/



Judge OKs Hunton’s $34M Settlement With Stanford Investors​

A Texas federal judge has signed off on a $34 million settlement, including $8.5 million in attorneys’ fees, as part of a deal to settle allegations that Hunton & Williams LLP aided Robert Allen Stanford’s $7 billion Ponzi scheme, saying that the amounts were reasonable.

Over the objections of three financial institutions involved in litigation surrounding the scheme, more than a dozen individual Stanford investors and Stanford himself, U.S. District Judge David C. Godbey on Monday determined that the $34 million was reasonable, given the potential…

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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/