By Dean Seal (January 21, 2022, 10:18 PM EST) — HSBC and TD Bank are among five banks that will have to face a jury after a Texas federal judge denied summary judgment motions in litigation over their alleged participation in the Stanford Ponzi scheme.
In an order Thursday, U.S. District Judge David C. Godbey said the banks have been unable to fully undercut claims that the banking services they provided to Stanford International Bank supported its billion-dollar Ponzi scheme and amounted to fraudulent transfer, breach of fiduciary duty and aiding and abetting of securities fraud.
“The court concludes that — viewed holistically — the suite of services that each defendant…
Source: law360.com
