Las víctimas olvidadas de Stanford ahora disponible en español

Las víctimas olvidadas de Stanford, ahora disponible en español en:

http://victimasolvidadasdestanford.blogspot.com/

Wednesday, March 29, 2017

Foreign Sovereign Immunities Act. Subject Matter Jurisdiction. Fifth Circuit determines Antigua not subject to U.S. court jurisdiction under Foreign Sovereign Immunities Act in Stanford Ponzi scheme cases.

Antigua, USA March 27 2017
 Frank v. Commonwealth of Antigua and Barbuda, No. 15-10717, consolidated with The Official Stanford Investors Committee v. Antigua and Barbuda, No. 15-10788 (5th Cir. Nov. 22, 2016) [click for opinion]

The Commonwealth of Antigua and Barbuda ("Antigua") successfully appealed a district court ruling that under certain exceptions to the Foreign Sovereign Immunities Act (the "FSIA"), Antigua was subject to suit relating to its alleged involvement in the Stanford Ponzi scheme. Finding that the commercial activity exception to sovereign immunity was not satisfied and that the waiver exception applied only to claims for which jurisdiction was conceded by Antigua, the Fifth Circuit reversed the district court's determination that it had jurisdiction over certain claims against Antigua, a foreign nation, and remanded for further proceedings.

The plaintiffs in two putative class actions filed suit alleging Antigua was involved and complicit in the Ponzi scheme perpetrated by Allen Stanford. Stanford owned and operated numerous financial entities, including an offshore bank in Antigua, which he used in his scheme to defraud investors. Plaintiffs alleged that Antigua actively and willingly participated in Stanford's scheme and knowingly provided Stanford and his businesses a safe harbor from regulatory scrutiny. They asserted that Stanford and Antigua had a quid pro quo relationship in which Stanford paid incentives and bribes and made loans to Antigua and its public officials to ensure that he and his organizations were deemed compliant with relevant local regulations. The two putative class actions were consolidated for appeal solely to address whether, under the FSIA, Antigua is subject to the jurisdiction of U.S. courts............


To view the full ruling and a copy of the Fifth Circuit’s judgment, 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/


Wednesday, March 22, 2017

Fifth Circuit Rules Receiver Not Required to Arbitrate $215 million Fraudulent Transfer Claim Against Former Stanford Financial Advisers

On March 16, 2017, the Fifth Circuit Court of Appeals issued its mandate in Janvey v. Alguire, Case No. 14-10857, bringing to a close a long-running dispute between the Stanford Receiver and more than 300 former Stanford financial advisers who were trying to compel the Receiver to assert his claims against them in arbitration.

 The financial advisers had asserted that the Receiver was bound by Allen Stanford’s agreements with them to arbitrate any disputes arising out of their employment with Stanford. In a per curiam opinion, a panel of the Fifth Circuit unanimously held that the Receiver was not bound to those arbitration agreements because he was bringing his claims on behalf of Stanford International Bank alone, a receivership entity that never had any arbitration agreement with the former Stanford brokers.

 The Receiver’s lawsuit seeks to recover more than $215 million in fraudulent transfers made to the former Stanford brokers, all of whom profited from the sale of fraudulent Stanford International Bank CDs. In a concurring opinion, Judge Higginbotham colorfully summarized the Receiver’s lawsuit thusly:.............


To view the full ruling and a copy of the Fifth Circuit’s judgment and opinion, 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/


Friday, March 10, 2017

Chadbourne Says Stanford Receiver Deal Nixes Investor Suit

Chadbourne & Parke LLP told a Texas federal judge on Wednesday that investors accusing it of facilitating Robert Allen Stanford’s $7 billion Ponzi scheme no longer have a viable claim after agreeing to a $35 million settlement and bar order with the receiver overseeing recovery for victims of the scheme.

 The investors, the bulk of whom are Mexican citizens, claim Chadbourne as well as Proskauer Rose LLP and the firms’ attorneys aided the Ponzi scheme, in which Stanford's foreign bank sold investors sham securities called certificates...


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/