Two months after a federal appeals court rejected their case, investors who lost billions in a Ponzi scheme orchestrated by R. Allen Stanford have filed a brand-new class action against the company’s former outside counsel at Proskauer Rose.
The move comes as Chadbourne & Parke, which also once counted Antigua-based Stanford Group as a client, has agreed to pay $35 million to resolve parallel investor claims. (The settlement was first reported in February, but the size of the deal was not known.) If the settlement is approved, the funds, minus a contingency fee, will be distributed among investors who bought bogus Stanford CDs.
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