Investors who lost money to R. Allen Stanford’s “infamous” $7 billion Ponzi scheme didn’t bring their Florida law claims in time and aren’t entitled to tolling, the Fifth Circuit said Dec. 19.
The investors argued that their claims against Stanford’s clearing broker, Pershing LLC, should have been tolled while they were putative members of another class in accordance with federal law. But their state law claims are subject to a state statute of limitations, and Florida doesn’t provide a tolling exception for class actions, the U.S. Court of Appeals for the Fifth Circuit said, affirming the lower court. ...
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