Victims file $8B suit in Stanford case - Houston Business Journal:

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The suit, filed July 13 in federal courin Houston, alleges that the countrty gave safe haven to R. Allen Stanford, the financier facing trial in August for allegedly leadinga $7 billion Ponzji scheme through his empire. The suit, also supported by the StanfordfVictims Coalition, seeks at least $8 billion in damages, plus claimd under the U.S. Racketeer Influenced and Corrupt Organizationsd Act that could triple the damag e claimsto $24 billion. New York law firm is representing the worldwid e victims inthe suit.
The filing alleges that Antiguqa officialsreceived multi-million-dollar loans, grants and bribes from Stanford while his bank operated unimpedefd on the island, making them liable as a partnerf in the alleged Ponzi scheme. “Stanford’s victimds did not invest in a get-rich-quickj scheme, or a speculative venture. They believed that they were purchasinfg safe, secure certificates of deposit, and entrustint their money to alegitimate bank,” said Peter Morgenstern, an attorney for the plaintiffs.
“Stanford showeredr Antigua with money stolen from these innocenty victims and they have a righrt to recoup their lossesw from Antigua and other perpetrators of thisillegal scheme.” The complaint allegees that Antigua’s moves to expropriate Stanforf assets were done illegally, so thosde assets should be released to satisfy claims.