Toronto-Dominion Bank, HSBC and Independent Bank (formerly Bank of Houston), have agreed...
In this Aug. 24, 2010 photo, R. Allen Stanford arrives in custody at the federal courthouse for a hearing in Houston.Three banks — Toronto-Dominion Bank, HSBC and Independent Bank — have agreed to pay $1.34 billion to Ponzi-scheme victims of Houston financier R. Allen Stanford and his investment firm.scheduled to stand trial starting today in Houston federal court
Lawyers for the court-appointed receiver and the Official Stanford Investors Committee sued five banks – two banks settled earlier this year – and planned to ask a Houston jury to award between $4 billion and $10 billion. Under agreements reached over the weekend, TD Bank will pay $1.205 billion, Independent Bank will pay $100 million, and HSBC Bank will pay $40 million.
“This is an extraordinary result for the victims of the Stanford fraud,” Kevin Sadler, a partner at Baker Botts representing the receiver, said. “Given all the challenges faced by the receivership since 2009, this is nothing short of a monumental recovery.”
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