Stanford Victims file Class Action Suit against Trustmark National Bank, HSBC Bank PLC, The Toronto-Dominion Bank, SG Private Banking (SUISSE) S.A., and Bank of Houston TX
August 25, 2009
By Peter Morgenstern
Victims of Stanford International Bank, Ltd., part of R. Allen Stanford's Stanford Finanical Group, filed a class action lawsuit
in Texas state court in Houston on August 23, alleging that Trustmark National Bank, HSBC Bank PLC, The Toronto-Dominion Bank, SG
Private Banking (Suisse) S.A., and Bank of Houston "provided essential assistance to Stanford in one of the largest financial
crimes in history."
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).
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