R Allen Stanford's creditors are celebrating a judge's ruling that will allow them to file suits against the embattled businessman. The US judge gave the OK for a committee to work in conjunction with receiver Ralph Janvey.
Angela Shaw, who represents the creditors, said in a statement, “This is a very important milestone for the victims because we will now have a voice in the recovery of our savings."
Investors have been trying for over a year to gain approval to act in their own interest.
Three investors had previously asked US District Judge David Godbey to lift the court order that blocked them from filing an involuntary bankruptcy petition against Stanford's companies.
The seven-member committee will now be able to look into the Stanford Group's financial position before the SEC filed suit and alleged a $7 billion Ponzi scheme.
The group will meet with Janvey at least once a month, and consult the receiver on division of responsibilities.
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