Fraud victims who lost millions to a Ponzi scheme {A. Stanford} can't sue financial firm, court says
A federal appeals court has dashed the hopes of 900 investors from Louisiana and 36 other states who were defrauded by former Texas tycoon R. Allen Stanford's massive Ponzi scheme.
The retiree victims, including dozens from the Baton Rouge area, were hoping the 5th U.S. Circuit Court of Appeals in New Orleans would resuscitate their 12-year-old class-action lawsuit that a federal district judge in Baton Rouge dismissed in mid-2019.
But on Friday, a three-judge panel of the 5th Circuit affirmed U.S. District Judge Brian Jackson's ruling that dismissed the lone remaining defendant, Pennsylvania-based SEI Investments Co., in the federal lawsuit.
Baton Rouge lawyer Phil Preis, one of the investors' attorneys, said Monday he is "obviously disappointed" with the appellate court ruling given the 10-year fight to have the lawsuit certified as a class-action.
Read more: https://www.theadvocate.com/baton_rouge/news/courts/article_a4973582-b72b-11eb-95b5-7bdc537ac575.html
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