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Proskauer Rose Settles Claims Tied to Stanford Financial Fraud

Aug. 29, 2018, 3:26 PM

Investors and the court-appointed receiver in the Stanford Financial Ponzi scheme case have settled claims against Stanford’s former counsel Proskauer Rose LLP.

The move appears to bring the complex multi-jurisdictional litigation pending for nine years to a close.

Though “vigorously” denying any wrongdoing or liability, Proskauer has agreed to pay $63 million for a release from all claims against it related to the elaborate $7 billion Ponzi scheme infamously masterminded by R. Allen Stanford and the phony certificates of deposit sold by his Caribbean bank.

If the settlement is approved by the court, the money—less 25 percent to be paid ...