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Monday, 29 February 2016

Chadbourne & Parke Agrees to Settle Stanford Ponzi Claims

Chadbourne & Parke has agreed to a confidential settlement with aggrieved investors in R. Allen Stanford $7 billion Ponzi scheme, ending the firm’s involvement in more than six years of litigation related to a former partner’s role advising the disgraced financier.

 Lawyers for the firm informed the U.S. Court of Appeals for the Fifth Circuit of the deal late Friday afternoon. That leaves Proskauer Rose and Stanford’s former lawyer, Thomas Sjoblom, the former co-chair of the securities litigation and enforcement practice at Proskauer, as the two remaining defendants facing investor class claims of up to $5 billion in the suit. Sjoblom joined Proskauer in 2006 after leaving Chadbourne.

 Separate proposed class actions are also moving ahead against two other firms—Greenberg Traurig and Hunton & Williams—that once served Sanford's business interests. Investors filed their class certification briefs in the parallel cases on Friday. Adams and Reese, meanwhile, agreed to pay $1 million in May 2015 settle similar investor claims stemming from its work for Stanford-related entities........................

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