Stanford investors are suing five banks, including two in the US, that handled customer deposits for Stanford International Bank in Antigua. CNBC reports that the lawsuit, filed in a Texas state court, claims the banks should have known that Stanford was running an alleged scam.
Defendant banks named in the lawsuit are Toronto Dominion Bank, Trustmark National Bank, the Bank of Houston, HSBC Bank, and the Swiss private banking division of France’s Societe Generale. CNBC reports that purchasers of Stanford International Bank certificates of deposit sent their funds directly to the banks in question, so virtually none of the money went to Antigua.
