5th Circ. Again Backs $133M Stanford Ponzi Scheme Deals
Law360 (December 20, 2019, 11:13 PM EST) -- The Fifth Circuit has stood by its decision to uphold receiver settlements resolving Stanford Ponzi scheme-related claims against two insurance brokers for a combined $133 million, a ruling that objectors argued contradicted an earlier rejection of a $65 million deal with a group of insurance underwriters.
In opinions issued Thursday, a three-judge panel of the appeals court reached the same conclusion as it did in July to affirm the approvals of the two global settlements, which require Bowen Miclette & Britt Inc. and Willis to pay $12.85 million and $120 million, respectively, for distribution by the court-appointed receiver pursuing asset...
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