5th Circuit Vacates, Remands Orders Approving Global Settlement Over Ponzi Scheme

Mealey's (June 18, 2019, 2:08 PM EDT) -- NEW ORLEANS — The Fifth Circuit U.S. Court of Appeals on June 17 vacated and remanded a lower federal court’s orders that approved a global settlement between the receiver for Stanford International Bank and insurers and barred all actions against the insurers concerning the policies or Stanford entities in a dispute arising from the Stanford financial Ponzi scheme, finding that the lower court lacked authority to approve the settlement (Securities And Exchange Commission v. Stanford International Bank, Limited, et al., No. 17-10663, 5th Cir., 2019 U.S. App. LEXIS 18111)....