Stanford Financial Group Receiver, Ralph S. Janvey, represented by Baker Botts, has won $1.6 billion in settlements as of August 2024 on behalf of investors of Stanford International Bank, a multi-billion dollar Ponzi scheme that defrauded tens of thousands of investors.

Baker Botts served as lead trial and appellate counsel for the Official Stanford Investors Committee (“OSIC”), which was created to represent investors and to pursue litigation on their behalf.  OSIC, on behalf of itself and the Receiver, sued five banks that allegedly assisted Stanford in carrying out its fraudulent activities.

In January 2023, Baker Botts negotiated settlements with two of the banks – Trustmark and Societe Generale – for a total of $257 million.  In a last-ditch effort to avoid trial, the remaining bank defendants – Toronto Dominion, Independent Bank and HSBC – pursued two mandamus petitions at the Fifth Circuit, raising a variety of legal issues.  Baker Botts led the opposition briefing, and the Fifth Circuit rejected the requested mandamus relief.

Then, on the eve of trial, Baker Botts negotiated settlements with the three remaining defendants for a total of $1.345 billion, bringing the total settlements to $1.602 billion, a historic litigation settlement in Ponzi scheme recoveries.

The Baker Botts team in Palo Alto and Austin includes partners Kevin Sadler, Scott Powers, and Ariel House, special counsel David Arlington and Brendan Day, senior associates Maddy Dwertman and Mary Margaret Steinle and associate Leslie Roussev.

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