Las víctimas olvidadas de Stanford ahora disponible en español

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Thursday, September 17, 2015

Fifth Circuit to Allen Stanford victims: You’ll have to keep waiting

When Dallas lawyer Ralph Janvey was appointed receiver in the Allen Stanford fraud case in 2009, a federal judge in Dallas put in place an order blocking other cases that might interfere with Janvey’s efforts to claw back the $5.5 billion in deposits Stanford’s duped clients had invested.

 Four years ago, plaintiffs sought to have that stay lifted, but the Fifth Circuit Court of Appeals ruled that the federal judge overseeing the cases in Dallas had “broad authority” to issue the stay and refused to lift it.

 Today, a second challenge was similarly rejected, even as the appeals court conceded that the wheels of justice in the Stanford cases are moving very slowly.

 The appellate court’s reason: While it’s been a very long time, Janvey is still pursuing his cases and, absent evidence that the abused his discretion, it’s his call as to whether to keep the stay in place. 

“Emphasizing the district court’s ‘broad authority to issue blanket stays of litigation to preserve the property placed in receivership pursuant to SEC actions,’ this court previously upheld this same litigation stay against similar challenges. We are mindful that four years have passed since that decision. At this time, however, as the district court continues to receive itself as well as coordinate and oversee extensive litigation, relating to asset recovery, we cannot say that the district court abused its discretion in declining to lift the litigation stay.”

View the Fifth Circuit s District Court Ruling on Litigation Stay HERE: 

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum

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