Louisiana fraud victims who lost millions to a Ponzi scheme can’t sue financial firm, court says | Courts

A federal appeals court has dashed the hopes of 900 investors from Louisiana and 36 other states who were defrauded by former Texas tycoon R. Allen Stanford’s massive Ponzi scheme.

The retiree victims, including dozens from the Baton Rouge area, were hoping the 5th U.S. Circuit Court of Appeals in New Orleans would resuscitate their 12-year-old class-action lawsuit that a federal district judge in Baton Rouge dismissed in mid-2019.