Private investors burned in Allen Stanford’s $7 billion Ponzi scheme can move ahead with their state-law class actions against two prominent law firms and insurance brokers, the U.S. Supreme Court ruled on Wednesday.
The federal Securities Litigation Uniform Standards Act of 1998 (SLUSA) does not bar the investors’ claims against Chadbourne & Parke, Proskauer Rose and insurance broker Willis of Colorado for allegedly aiding and abetting Stanford’s fraud, Justice Stephen Breyer wrote for a 7-2 majority.
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