US appeals court holds that Antigua-Barbuda is not liable to Stanford Ponzi victims

NEW ORLEANS, USA — The US Fifth Circuit Court of Appeals has held that the Foreign Sovereign Immunities Act (FSIA) bars Stanford International Bank Ltd (SIBL) Ponzi scheme victims from bringing a claim against Antigua and Barbuda, a foreign state. The decision reversed a ruling by the US District Court for the Northern District of Texas.

The Stanford victims successfully argued in the trial court that the commercial activity exception allowed civil suits brought by them, as well as the argument that Antigua and Barbuda had waived sovereign immunity, but the Fifth Circuit disagreed, reversing the lower court decision, on both issues.

To view the full article including a copy of the Fifth Circuit’s Court of Appeals judgment, 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/