Supreme Court will hear law firms’ appeals in Allen Stanford case

Firms say SLUSA precludes investors’ class actions

Two law firms are heading to battle as defendants in the high court.

On Friday, the Supreme Court accepted appeals from Chadbourne & Parke and Proskauer Rose, two law firms that once represented R. Allen Stanford, a convicted Ponzi schemer who a judge last year sentenced to 110 years behind bars. Stanford swindled investors out of more than $7 billion over 20 years. Chadbourne and Proskauer are seeking to avoid state-law suits that Stanford’s investors, seeking to recoup their losses, brought against them.

Ashley Post

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