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Baker Botts Files Amended Complaint Seeking $289 Million on Behalf of Stanford Receiver

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PALO ALTO, June 21, 2017 -  Baker Botts L.L.P., a leading international law firm, announced that it has filed an amended complaint on behalf of Ralph S. Janvey, the Court-appointed Receiver for Stanford International Bank, Ltd., through which the Receiver is seeking to recover more than $289 million from 313 defendants, comprising former Stanford Group Company financial advisors and other former Stanford employees. 

The Receiver originally filed his lawsuit 2009, which was met by motions filed by more than one hundred defendants seeking to compel the Receiver to arbitrate his claims rather than have his claims heard publicly in federal court. From 2010 through 2017, the parties litigated the arbitration issue, with the defendants taking appeals to the Fifth Circuit Court of Appeals on three separate occasions. In March 2017, the Fifth Circuit Court of Appeals confirmed that the Receiver was not required to submit to arbitration but could proceed with his claims in District Court. Following entry of judgment by the Court of Appeals, the Receiver returned to the District Court, which has set the Receiver’s claims for trial beginning in July 2018. 

The Receiver’s amended complaint, filed on June 15, 2017, alleges that the $289 million in payments the defendants received (including more than $70 million in newly-discovered payments) were fraudulent transfers; that the defendants failed to provide reasonably equivalent value in exchange for the payments; and that the defendants did not take the payments in good faith. The Receiver also alleges that the defendants were unjustly enriched by the payments, at the expense of Stanford investors. The lawsuit seeks return of the payments, together with prejudgment interest and attorneys’ fees. 

"We look forward to continuing to work for the Receiver to achieve a substantial, positive outcome for the Receivership through the litigation of these important claims,” said Kevin Sadler, a partner with Baker Botts and the lead lawyer representing the Receiver. 

 

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 650 lawyers practicing throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology, and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

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