The Ontario Superior Court of Justice has dismissed Stanford International Bank’s (SIB) $4.5 billion damages claim against Toronto-Dominion Bank over its role…
Toronto-Dominion Bank reaches $41 5 million settlement in U S excessive fees lawsuit reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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5th Circ. Tosses Stanford Ponzi Investors Claims Against SEI
Law360 (May 14, 2021, 9:00 PM EDT) Investors in Robert Allen Stanford s massive Ponzi scheme lost their bid to revive claims against investment processor SEI Investments Co. on Friday when the Fifth Circuit said it hadn t seen evidence that SEI had any control over the multibillion-dollar fraud.
The appellate panel affirmed a Louisiana federal judge s dismissal of $200 million in claims alleging that SEI, which started providing Stanford Trust Co. with investment-processing and reporting services in 1998, bore control-person liability for Stanford s scheme.
According to the Fifth Circuit panel, SEI had offered competent evidence that it had no control over Stanford, while the investors had yet to explain.
3-Month TD Bank Trial in $4.5B Stanford Ponzi Scheme Closes
A written judgment from the court is expected in a few months.
In closing arguments at the Ontario Superior Court this week, lawyers for the court-appointed joint liquidators of Stanford International Bank (SIB) alleged negligence and “knowing assistance” by TD in providing a correspondent banking account that Stanford used to perpetuate fraud.
TD’s lawyers said the bank did not know about the fraud, and that damages should be limited to the estimated $5 million in profit from its relationship with SIB.
Stanford is serving a 110-year prison term in the United States after being convicted in 2012 of running a $7.2 billion Ponzi scheme.
TD Bank trial in $4 5 billion Stanford Ponzi scheme lawsuit ends - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.