May 14, 2021, 8:47 PM

Victims of R. Allen Stanford’s multibillion-dollar Ponzi scheme failed to convince the Fifth Circuit Friday that they should be able to hold two other financial services firms liable for their losses.

The district judge granted summary judgment in favor of SEI Investments Co. and SEI Private Trust Co. in 2019. The lower court used the correct legal standard when evaluating the claims, and whether the firms had the requisite control for liability wasn’t in dispute, the U.S. Court of Appeals for the Fifth Circuit said.

The investors acquired Stanford International Bank Ltd. certificates of deposit through Stanford Trust Co.,…

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