The class action petition alleges that the banks conspired with Stanford to commit fraud. The plaintiffs seek more than $7 billion in damages. The lawsuit also seeks to recover of all of the fees paid to the banks by Stanford under the Uniform Fraudulent Transfers Act.
The plaintiffs are represented by the New York law firm of Morgenstern & Blue, LLC, which last month filed a class action complaint against the Commonwealth of Antigua and Barbuda alleging that the island nation conspired with Stanford and protected Stanford’s banking activities from scrutiny by the Securities and Exchange Commission and other regulators.
The case is Rotstain v. Trustmark National Bank, Harris County (Houston).