Proskauer Rose and Chadbourne & Parke are immune from liability for the conduct of a former partner at the firms who was accused of helping R. Allen Stanford orchestrate a $7 billion fraud, a federal appeals court ruled Thursday.
Both firms had lost a pivotal U.S. Supreme Court ruling in 2014 that some observers feared could open up law firms to claims in certain securities fraud cases. U.S. District Judge David Godbey of the Northern District of Texas in March 2015 denied the law firms’ immunity argument.
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