High court rules Allen Stanford victims can sue to recoup losses

02/26/2014 // West Palm Beach, Florida, US // JusticeNewsFlash // Justice News Flash // (press release)

Washington – The Supreme Court has ruled that victims of the $7 billion Ponzi scheme carried out by Allen Stanford can sue the attorneys and others who worked with him in seeking the recovery of losses. As reported by Reuters, the justices voted 7-2 that related civil suits filed in state court can move forward.

New York-based law firms Chadbourne & Parke and Proskauer Rose are among the entities that have been sued by former Stanford investors. Cases have also been brought against an insurance brokerage firm, a financial services firm, and others.

Justice Stephen Breyer, is quoted as stating in writing for the majority, “it is difficult to see why the federal securities laws would be – or should be – concerned with shielding such entities from lawsuits.”

This report is provided by Justice News Flash – Washington Legal News

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