District Court Approves Settlement with Bowen Miclette & Britt, Inc. and Related Persons

On August 23, 2017, the District Court approved a settlement agreement by and among the Receiver, the Official Stanford Investors Committee, and certain individual Investor Plaintiffs, and Bowen Miclette & Britt, Inc. (and related persons) (“BMB”). Pursuant to the terms of the settlement, once the District Court’s order becomes final, the Receivership Estate will receive $12.85 million. The Receiver will file a motion with the District Court asking for permission to distribute the proceeds of the settlement after they are received, net of attorneys’ fees and expenses awarded by the Court, to Stanford Investors who have claims approved by the Receiver.

To view a copy of the Court’s Order approving the settlement, click here.

To view a copy of the Court’s Order approving attorneys’ fees, click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



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District Court Approves Settlement with Willis Towers Watson Public Limited Company and Related Persons and Entities

On August 23, 2017, the District Court approved a settlement agreement by and among the Receiver, the Official Stanford Investors Committee, and certain individual Investor Plaintiffs, and Willis Towers Watson Public Limited Company (and related persons and entities). Pursuant to the terms of the settlement, once the District Court’s order becomes final, the Receivership Estate will receive $120 million. The Receiver will file a motion with the District Court asking for permission to distribute the proceeds of the settlement after they are received, net of attorneys’ fees and expenses awarded by the Court, to Stanford Investors who have claims approved by the Receiver.

To view a copy of the Court’s Order approving the settlement, click here.

To view a copy of the Court’s Order approving attorneys’ fees, click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Stanford Ponzi Scheme Receiver Battles Ex-GC For Records

The receiver unwinding Robert Allen Stanford’s $7 billion Ponzi scheme asked a Texas federal judge Thursday to force Stanford’s former general counsel to show why he hasn’t produced requested documents regarding his bank accounts and properties in Texas and Florida in the receiver’s clawback suit targeting Stanford’s legal advisers.

Ralph S. Janvey, the receiver for Stanford International Bank Ltd., says Pablo Mauricio Alvarado, a partner at SMPS Legal who splits his time between Miami and Bogota, Colombia, has failed to comply with the court’s order granting…

To view the full article, click Here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Receiver and Official Stanford Investors Committee Announce Settlement with Hunton & Williams, LLP

On August 16, 2017, the Receiver, the Official Stanford Investors Committee (“OSIC”) and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Hunton & Williams, LLP (“Hunton”). Pursuant to the terms of the settlement, the Receivership Estate will receive $34 million. On August 23, 2017, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Hunton Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Hunton Settlement at 10:00 a.m. on Tuesday, November 28, 2017. Any party wishing to file an objection to the Hunton Settlement must do so no later than Tuesday, November 7, 2017.

You may access the materials pertaining to the Hunton Settlement and the HUNTON SETTLEMENT FAQ by clicking HERE

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/



Foreign Sovereign Immunities Act. Subject Matter Jurisdiction. Fifth Circuit determines Antigua not subject to U.S. court jurisdiction under Foreign Sovereign Immunities Act in Stanford Ponzi scheme cases.

Antigua, USA March 27 2017
Frank v. Commonwealth of Antigua and Barbuda, No. 15-10717, consolidated with The Official Stanford Investors Committee v. Antigua and Barbuda, No. 15-10788 (5th Cir. Nov. 22, 2016) [click for opinion]

The Commonwealth of Antigua and Barbuda (“Antigua”) successfully appealed a district court ruling that under certain exceptions to the Foreign Sovereign Immunities Act (the “FSIA”), Antigua was subject to suit relating to its alleged involvement in the Stanford Ponzi scheme. Finding that the commercial activity exception to sovereign immunity was not satisfied and that the waiver exception applied only to claims for which jurisdiction was conceded by Antigua, the Fifth Circuit reversed the district court’s determination that it had jurisdiction over certain claims against Antigua, a foreign nation, and remanded for further proceedings.

The plaintiffs in two putative class actions filed suit alleging Antigua was involved and complicit in the Ponzi scheme perpetrated by Allen Stanford. Stanford owned and operated numerous financial entities, including an offshore bank in Antigua, which he used in his scheme to defraud investors. Plaintiffs alleged that Antigua actively and willingly participated in Stanford’s scheme and knowingly provided Stanford and his businesses a safe harbor from regulatory scrutiny. They asserted that Stanford and Antigua had a quid pro quo relationship in which Stanford paid incentives and bribes and made loans to Antigua and its public officials to ensure that he and his organizations were deemed compliant with relevant local regulations. The two putative class actions were consolidated for appeal solely to address whether, under the FSIA, Antigua is subject to the jurisdiction of U.S. courts…………

To view the full ruling and a copy of the Fifth Circuit’s judgment and, click Here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group – SIVG official Forum http://sivg.org.ag/