• Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
Securities Docket
Ankura
  • Class Actions
  • Criminal
  • Events
  • Features
  • Global
  • People
  • SEC
Browse: Home / 2009 / November / 04 / Fifth Circuit Questions Stanford Trustee’s Standing to Pursue Investor’s Withdrawn Principal

Fifth Circuit Questions Stanford Trustee’s Standing to Pursue Investor’s Withdrawn Principal

By Securities Docket on November 4, 2009, 10:47 am

fifthcircuit230On Monday, the Fifth Circuit heard oral arguments in the clawback case initiated by the receiver of Stanford International Bank, Ralph Janvey. The AmLaw Litigation Daily reports that Janvey is seeking to recover the principal certain investors withdrew from Stanford shortly before the alleged fraud was discovered, but was not permitted to do so by the district court.

The Fifth Circuit reportedly questioned whether Janvey even had standing to pursue such a case.  “What gives you statutory authority to sue people the SEC did not?” Senior Judge Will Garwood asked. “It seems to me that the plaintiff or defendant ought to be the ones…Frankly, in a sense, you’re nobody. You are neither one.”

Attorney Michael Quilling, who represented the investors at the Fifth Circuit argument, told the AmLaw Litigation Daily that Janvey is being even more aggressive than the Madoff receiver, Irving Picard, who has gone after fictitious profits but not the principal of investors.

Read the AmLaw Litigation Daily article

Posted in SEC | Tagged Appellate, Standing, Stanford

« Previous Next »

Subscribe

‘Enforcement 40’ for 2020

Ankura

Our Sponsors

Securities-Docket_260x125_14Sec Ankura 260x125

Join Us On LinkedIn

Join the Securities Litigation and Enforcement Group on LinkedIn

Archives

Copyright © 2023 Securities Docket.

  • Home
  • About
  • ‘Enforcement 40’ for 2020
  • Webcasts
  • Enforcement Hall of Fame
  • Contact
  • Criminal
  • Class Actions
  • Features
  • Global
  • People
  • SEC
  • Events