Investors Urge 5th Circ. To Revive Ponzi Claims Against SEI

Law360 (November 21, 2019, 2:28 PM EST) -- A group of investors in Robert Allen Stanford's massive Ponzi scheme are asking the Fifth Circuit to revive their claim that investment processor SEI Investments Co. could have provided them with the information they needed to avoid the scheme's collapse.

In a filing Wednesday, the investors said a district court judge had wrongly found that SEI had no control over or liability for the $200 million fraud perpetrated against them by Stanford International Bank Ltd., saying instead that SEI could and should have refused to pass on Stanford's lies.

"The district court held that SEI can provide information to investors and...

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