Proskauer Rose has agreed to pay $63 million to resolve a lawsuit over the firm’s past work for now-convicted Ponzi schemer R. Allen Stanford.
Settlement papers filed in Dallas federal court on Aug. 24 showed that Proskauer reached a deal with the court-appointed receiver in charge of winding down Stanford Financial Group—a collection of companies used by Stanford to commit a yearslong, $7 billion fraud. The settlement would also resolve claims against Proskauer from the Official Stanford Investors Committee, or OSIC, which represents the interests of people who held certificates of deposit or other investments with Stanford Financial.
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