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Legal Ethics

Stanford Investors Sue 2nd Law Firm, Ex-GC; Proskauer Partner Withdraws

Posted Oct 13, 2009 3:26 PM CDT
By Martha Neil

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A second law firm has been named as a defendant in an investor lawsuit contending that a now-former partner of Proskauer Rose, Thomas Sjoblom, participated in a claimed $7 billion Ponzi scheme allegedly operated by the Stanford Financial Group.

The new defendant in the federal class action case is another New York-based law firm at which Sjoblom also formerly worked, Chadbourne & Parke, reports the National Law Journal. Sjoblom withdrew from Proskauer after the class action was filed in late August in U.S. District Court in Dallas, Texas, according to the legal publication.

His departure from the partnership comes after "a guilty plea in August by former Stanford Chief Financial Officer James Davis, which appeared to implicate Sjoblom in a conspiracy to thwart a U.S. Securities and Exchange Commission investigation into the alleged fraud," the NLJ article states.

Also named as a defendant in the second amended complaint filed Friday is P. Mauricio Alvarado, who formerly served as the Stanford Financial Group's general counsel.

The Chadbourne firm declined to comment on the litigation; Proskauer has previously said there is "no basis whatsoever" for the firm to be named as a defendant in the suit. The NLJ article doesn't include any comment from Sjoblom or Alvarado.

Earlier coverage:

ABAJournal.com: "Investors Sue Proskauer & Partner Over Alleged Conspiracy With Stanford"

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