Banks To Pay $1.3B To Settle Claims Over Involvement In Stanford Ponzi Scheme

(February 28, 2023, 1:56 PM EST) -- Three financial institutions have agreed to pay a combined $1.3 billion to end a lawsuit brought by investors who allege that the banks ignored red flags as part of R. Allen Stanford’s massive Ponzi scheme, according to a statement published on Feb. 27 on the Stanford Financial Group (SFG) receivership website....

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