R. Allen Stanford investors, looking to recoup their losses, are targeting his former outside counsel

R. Allen Stanford emerged as a Bernie Madoff-lite in February when the Securities and Exchange Commission (SEC) accused him of running a $7 billion Ponzi scheme. Now some Stanford investors, looking to recoup their losses, are targeting his former outside counsel. An Aug. 27 class action lawsuit, filed in federal court in Dallas, accuses law firm Proskauer Rose and partner Thomas Sjoblom of aiding and abetting the alleged fraud.

In a statement, the firm called the lawsuit "legally flawed and factually erroneous."

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Melissa Maleske

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