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Texas Lawyer Ranks Verdict for Stanford Receivership as #1 Securities Verdict for 2015-2019

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AUSTIN, November 13, 2020 – The firm’s work in Janvey v. Maldonado has been recognized in Texas Lawyer’s recently-published Texas Verdicts Hall of Fame edition for 2015 to 2019.  The jury in the Maldonado case rendered a $50 million verdict for our client, Ralph Janvey, the Receiver for Stanford International Bank. Texas Lawyer has ranked the verdict as the top securities verdict in Texas in the last five years.

The 2015 case, which was tried in federal court in Dallas, involved the Receiver’s claim against former Stanford Financial Group Treasury Manager Patricia Maldonado.  From 1998 to 2009, Maldonado controlled Stanford International Bank’s customer deposit accounts. During that time, she oversaw countless transfers from those accounts for a variety of improper purposes, including numerous transfers to fund a secret Swiss bank account that convicted fraudsters Allen Stanford and James Davis used to pay bribes to accountants and regulators. 

After deliberating for less than three hours, the seven-member jury found that Maldonado breached her fiduciary duties to Stanford International Bank, causing $50 million in damages.  The case was the Receiver’s first civil trial for breach of fiduciary duty arising from the Stanford Ponzi scheme.

The Baker Botts Trial Team included Scott Powers, Stephanie Cagniart, Maddy Dwertman, and Ellen Reeder, and former Baker Botts lawyers Ryan Bangert and Ari Cuenin. Kevin Sadler provided valuable guidance and strategic direction to the trial team.  Before his departure from the firm, Russell Fusco, now an in-house lawyer with Wal-Mart, worked tirelessly to prepare the case for trial. 

 

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