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    Supreme Court backs class-action lawyers in Stanford case

    Link to OpinionThe Supreme Court today ruled 7-2 in favor of class-action lawyers pursuing securities cases under state law in a decision that involved the Allen Stanford Ponzi scheme.
    The Supreme Court case, Chadbourne & Parke v. Troice, focused on the Securities Litigation Uniform Standards Act, which forbids bringing large securities class actions under state law. The question in the case was whether civil class action suits could proceed against defendants who allegedly helped Stanford’s Ponzi scheme by falsely representing that financial products that weren’t securities under the Securities Litigation law were covered securities. A District Court dismissed the lawsuits, then the Fifth Circuit reversed the lower court’s decision.The Supreme Court today upheld the Fifth Circuit decision, saying that the Litigation Act does not preclude the state-law class-action cases. Justices Anthony Kennedy and Samuel Alito dissented.

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    Politicians yet to return big money from Stanford’s Ponzi scam

    Five years after R. Allen Stanford’s investment companies collapsed in an infamous multibillion-dollar Ponzi scheme, records show that the receiver charged with recouping money for victims still is chasing a long list of politicians. Stanford was a generous and bipartisan donor to political campaigns. After his conviction, Ralph Janvey was appointed by the court as receiver and given the task of tracking down and recovering Stanford’s fraudulent expenditures so the money could be returned to the Ponzi scheme victims. More in the Washington Times here.

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    Five years after Stanford scandal, many victims penniless

    Five years after learning they were victims of a $7 billion Ponzi scheme, investors in the Stanford Financial Group say they feel abandoned, even though their losses rival those in the Madoff scam that was revealed two months earlier. Unlike the Madoff case, in which a court-appointed trustee has said he is well on his way to recovering all of the investors’ principal—estimated at $17.5 billion—Stanford victims have recovered less than one penny on the dollar since the Securities and Exchange Commission sued the firm and a court placed it in receivership on Feb. 17, 2009.
    More on CNBC here.

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    Victims of Allen Stanford’s Ponzi scheme still suffering

    Next month marks five years since the Securities and Exchange Commission sued one of the biggest Texas crooks of all time. Allen Stanford is serving a 110-year federal sentence for criminal activity related to his Ponzi scheme. But that’s little consolation for his victims. More on WFAA here.

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    JPMorgan May Pay $2 Billion to Resolve Madoff Probe, NYT Reports

    JPMorgan Chase & Co. (JPM) may pay about $2 billion to resolve U.S. probes into whether the bank ignored signs of Bernard Madoff’s Ponzi scheme, the New York Times reported, citing unidentified people briefed on the matter. The firm is close to a deal that includes a deferred prosecution agreement and more than $1 billion in penalties to resolve a criminal case, with remaining sanctions imposed by federal regulators investigating gaps in the company’s money-laundering safeguards, the newspaper said. More on Bloomberg here.

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