SLUSA: Justices say Allen Stanford victim lawsuits can go forward

WASHINGTON (Reuters) - The Supreme Court on Wednesday ruled that lawyers, insurance brokers and others who worked with convicted swindler Allen Stanford cannot avoid lawsuits by investors seeking to recoup losses incurred in his $7 billion Ponzi scheme.

Thomson Reuters

Convicted financier Allen Stanford arrives at Federal Court in Houston for sentencing.

On a 7-2 vote the court held that lawsuits filed in state court can go forward. New York-based law firms Chadbourne & Parke and Proskauer Rose and insurance brokerage Willis Group Holdings Plc were all sued by former Stanford investors. The investors also sued financial services firm SEI Investments and insurance company Bowen, Miclette & Britt.

(Reporting by Lawrence Hurley; Editing by Howard Goller)

This post originally appeared at Reuters. Copyright 2014. Follow Reuters on Twitter.

Read more: http://www.businessinsider.com/r-justices-say-allen-stanford-victim-lawsuits-can-go-forward-2014-26#ixzz2uT6YFosE


For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group - SIVG official forum http://sivg.org/forum/