Saturday, 29 July 2017

Arbitration. Vacatur. District court refuses to set aside arbitration award based on panel's document discovery rulings.

In Pershing, the defendant, Pershing LLC, sought to confirm an arbitration panel's decision that it was not liable to a consortium of Louisiana Retirees who fell victim to a Ponzi scheme orchestrated by R. Allen Stanford. The Louisiana Retirees sought to vacate the award.

 Pershing was a clearing broker for Stanford Group Company, a broker-dealer controlled by Allen Stanford that sold worthless securities to the Louisiana Retirees. The Louisiana Retirees claimed that Pershing failed to exercise due diligence in its relationship with Stanford that would have uncovered the scheme. The arbitration panel ruled in Pershing's favor, and the parties then brought competing actions in the district court to confirm or vacate the decision under the Federal Arbitration Act.


To view the full article click Here.


For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/


Saturday, 1 July 2017

Receiver files 1st Schedule of Payments to be Made Pursuant to the 4th Interim Distribution Plan

On June 30, 2017, the Receiver filed with the United States District Court for the Northern District of Texas, Dallas Division, the 1st Schedule of distribution payments under the 4th Interim Distribution Plan. The 1st Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis.

To view a copy of the 1st Schedule, please click here.

For a full and open debate on the Stanford receivership visit the Stanford International Victims Group - SIVG official Forum http://sivg.org.ag/