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/



Advertisements

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/



Antigua Gov’t and WICB move to buy Stanford Cricket Grounds

The government and the West Indies Cricket Board have partnered to purchase the Stanford Cricket Grounds and surrounding properties for US$7.5 million.

The joint venture, which will see the government owning 40 per cent of the shares to WICB’s 60 per cent stake, is expected to attract more premier sporting events.

Under the Memorandum of Understanding (MOU), a company called Coolidge Cricket Grounds Inc was formed and will jointly owned by the government and WICB.

Both entities under the MOU will acquire certain properties in Coolidge and Barnes Hill (four parcels of land), which were held by the disgraced investor R Allen Stanford, and which are in the hands of court-appointed liquidators. They include the Car Park, Sticky Wicket Restaurant and The Athletics Club.

To view the full article, please 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/



Lawmakers want banks punished over massive Ponzi scheme

Getty Images
Lawmakers are asking a top federal regulator to crack down on several banks connected to a mid-2000s Ponzi scheme, arguing the government hasn’t done enough to get victims compensation.

The lawmakers called on the Office of the Comptroller of the Currency (OCC) to punish several banks for holding funds for Allen Stanford, convicted in 2012 of running the second-largest Ponzi scheme in United States history.

In a letter to acting Comptroller Keith Noreika dated Aug. 8, Reps. Roger Williams (R-Texas), Bill Posey (R-Fla.), Charlie Crist (D-Fla.) and Vicente González (D-Texas) asked the OCC to update them on efforts to hold the banks accountable, compensate victims and prevent similar schemes from happening again.

To view a 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/



Arbitration. Vacatur. District court refuses to set aside arbitration award based on panel’s document discovery rulings.

In Pershing, the defendant, Pershing LLC, sought to confirm an arbitration panel’s decision that it was not liable to a consortium of Louisiana Retirees who fell victim to a Ponzi scheme orchestrated by R. Allen Stanford. The Louisiana Retirees sought to vacate the award.

Pershing was a clearing broker for Stanford Group Company, a broker-dealer controlled by Allen Stanford that sold worthless securities to the Louisiana Retirees. The Louisiana Retirees claimed that Pershing failed to exercise due diligence in its relationship with Stanford that would have uncovered the scheme. The arbitration panel ruled in Pershing’s favor, and the parties then brought competing actions in the district court to confirm or vacate the decision under the Federal Arbitration Act.

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/