Victims of convicted Ponzi schemer R. Allen Stanford finally got some good news on March 19 when their class claims against the law firms and various advisors accused of aiding in the multibillion dollar fraud were restored. And that is bad news for the primary targets of the litigation, which include Proskauer Rose, Chadbourne & Parke, Adams & Reese, and others that counted Stanford and his international entities among their corporate clients before the fraud collapsed in 2009.
The U.S. Court of Appeals for the Fifth Circuit gave the green light to three proposed class actions, including the suit against Proskauer and Chadbourne and Thomas Sjoblom, a former partner at both firms. But the appellate court’s 33-page decision in Roland v. Green, 11-10932, should also apply to several other class actions, including suits against Adams & Reese; BDO Seidman; and several banks. The plaintiffs claim damages for the total amount of Mr. Stanford’s fraud, or roughly $7 billion.
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