High Court Hears Oral Argument In Stanford Ponzi Scheme-Related Cases

WASHINGTON, D.C. - Attorneys for Latin American investors in Stanford International Bank (SIB) and SIB's insurance brokers and lawyers asked the U.S. Supreme Court on Oct. 7 to determine whether the Securities Litigation Uniform Standards Act (SLUSA) and the Securities Exchange Act of 1934 preclude investors from bringing private class actions based on state law "where the alleged purchase or sale of a covered security is 'more than tangentially related' to the 'heart, crux or gravamen' of the alleged fraud" (Chadbourne & Parke LLP v. Samuel Troice, et al., No. 12-79, Willis of Colorado Inc. v. Samuel Troice, et al., No. 12-86, Proskauer Rose LLP v. Samuel Troice, et al., No. 12-88, U.S. Sup.).

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