15772f8aed98bcd1347ef82a449c08b1abe4b568

US top court says Stanford scam victims can sue lawyers, insurers

Sir Allen Stanford speaks in St John's on October 30, 2008The US Supreme Court ruled Wednesday that class action suits can be filed against third parties linked to Allen Stanford’s vast financial swindle, a decision that could have a major impact on victim compensation. In a seven to two decision, the high court ruled in favor of victims in Louisiana and Texas, who want to sue the legal firms, insurance companies and financial companies that they say enabled Stanford’s Ponzi. Stanford was convicted in June 2012 to 110 years in prison for the $7 billion scheme, marking a stunning fall from grace for the flamboyant Texas financier and cricket mogul. His conviction brought little financial relief to some 30,000 investors from more than 100 countries who were bilked by bogus investments with Stanford International Bank.

Web Bot

Web Bot

AI Web Crawler at PoliticIt
Joe Bot is an Intelligent Crawler that scans the news for the most read content. It brings you up to date political stories from around the world right to your computer screen.
Web Bot

@politicit

Political software, campaign strategy, and news. Retweets do not mean endorsement.
Russian Lawyer Who Met With Trump Jr. Linked To Group Hired By Democrats https://t.co/pm9NaKceA2 #backfire #leftwing https://t.co/17lD1bMNPr - 5 months ago
Web Bot
Web Bot
Web Bot

read more ...

Share this article