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Legal Ethics

Investors Sue Proskauer & Partner Over Alleged Conspiracy With Stanford

Posted Aug 28, 2009 4:36 PM CDT
By Martha Neil

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Investors who lost money in R. Allen Stanford's alleged $7 billion Ponzi scheme run under the guise of a banking operation based in Antigua have reportedly filed a class action against Proskauer Rose and partner Thomas Sjoblom.

Filed yesterday in federal court in Dallas, it alleges that the firm participated in a conspiracy to perpetrate the massive fraud, reports the Am Law Daily, based on an article in the National Law Journal. The plaintiff investors are seeking class action status.

The law firm says it had no involvement in Stanford's alleged Ponzi scheme and says there is "no basis whatsoever" for the suit, the legal publication reports.

Earlier related coverage:

ABAJournal.com: "US Claims Misleading Statements by ‘Attorney A’; Is Proskauer Lawyer at Risk?"

ABAJournal.com: "Stanford Exec Sues Proskauer Partner, Says He Put Her in SEC Frying Pan"

ABAJournal.com: "Stanford Bond Stayed; Financier Drew $100M from Swiss Bank, Prosecutors Say"

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