Articles

Fifth Circuit Court of Appeals Decision Regarding US Bar Order In a decision dated 9 August 2024, the Fifth Circuit ruled that the US District Court for the Northern District of Texas did not have the requisite personal jurisdiction to bind the Antiguan Joint Liquidators [...]

See attached Court Order dated 17 November 2023.

To the Creditors, Stanford International Bank Limited – in Liquidation (the Company) Notice of Resignation of Hugh Dickson as Joint Liquidator of the Company I write to notify the creditors of the Company that as of 31 December 2023, Hugh Dickson intends to retire from [...]

The Supreme Court of the United Kingdom handed down its 48 page decision on 21 December 2022, finding in summary that a significant part of the loss suffered by SIB cannot be claimed from HSBC. The case was heard on 19 January 2022 before a [...]

On 17 November 2022, the Court of Appeal for Ontario dismissed the Joint Liquidators’ Appeal of the Ontario Court’s June 2021 decision which dismissed the Joint Liquidators’ claim for approximately US.5 billion in damages from Toronto-Dominion Bank.  The decision is deeply disappointing given that this [...]

The Joint Liquidators’ Appeal of the decision of the Ontario Superior Court of Justice will be heard by the Ontario Court of Appeal for one and a half days on 20 April 2022 and 21 April 2022 from 10am EST (GMT-4). Prior to clicking the [...]

To be eligible for all distributions made by the Joint Liquidators, including past distributions, creditors must submit their valid proof of debt or claim by no later than 16 April 2022. Creditors who do not submit a valid proof of debt or claim by 16 [...]

We are pleased to advise that the Supreme Court, the United Kingdom’s highest court, has granted SIB permission to appeal the decision of the Court of Appeal.  In a decision dated 15 April 2021 the Court of Appeal dismissed SIB’s claim in dishonest assistance and [...]

After fully considering the Ontario Superior Court of Justice trial decision dismissing SIB’s case against TD Bank, we have appealed the decision to the Ontario Court of Appeal. See attached copy of our notice of appeal setting out the grounds for the appeal supporting our [...]

In a decision dated 8 June, 2021 Justice Barbara Conway of the Ontario Superior Court of Justice dismissed SIB’s case against TD Bank.  SIB was seeking damages from TD Bank in the amount of approximately US.5 billion.  Justice Conway ruled that TD did not owe [...]

In a decision dated 15 April 2021 the Court of Appeal (CoA) overturned the decision of Mr Justice Nugee of the High Court of Justice of England and Wales and struck out the majority of SIB’s losses pursuant to the Quincecare negligence claim against HSBC [...]

The oral closing arguments for the SIB v TD trial can be watched live at 10.00am to 4.30pm EST via the following links: April 26, 2021: https://youtu.be/0wIFAJ5QPAg April 27, 2021: https://youtu.be/-R2GwQylaek April 28, 2021: https://youtu.be/nLT8R-fMt6s April 29, 2021: https://youtu.be/TbV_uhW46qg

On 29 October 2020 the Eastern Caribbean Court of Appeal issued its decision in response to our appeal and held that we could not sue Proskauer in Antigua.  In respect of the ongoing US litigation in this matter, in which Proskauer was seeking to enforce [...]

Evidence in the trial has now completed and SIB and TD have rested their cases. Both parties are now in the process of preparing written closing submissions which are required to be lodged with the Court by 22 April.  The oral closing arguments are to [...]

Our trial against TD Bank resumes on Monday 1 March 2021. The trial can be watched live at 10.00am to 4.00pm EST daily via the following links: March 1: https://youtu.be/vXXzZFbqYIQ March 2: https://youtu.be/JUTgnkQnuoA March 3: https://youtu.be/-OZLdWqh6WI March 4: https://youtu.be/uwa4BFGaSSk March 5: https://youtu.be/TbVj3ls3yWM March 8: https://youtu.be/9K9H37ml-3c March 9: https://youtu.be/jgHJLZbQ6Xo March 10: https://youtu.be/_2fx3HKubZY March 11: https://youtu.be/mPkpZ11mtkM [...]

Our trial against TD Bank resumes on Monday 1 February 2021. The trial can be watched live at 10.00am to 4.00pm EST daily via the following links: Monday, February 1: https://youtu.be/SHcfj8dK8Vs Tuesday, February 2: https://youtu.be/wSoHnO1cWKY Wednesday, February 3: https://youtu.be/Qv5lHbD5H4g Thursday, February 4: https://youtu.be/ZPcr7HMn_D0 Friday, February [...]

The Joint Liquidators of Stanford International Bank Limited (SIB) are pleased to announce that we have now received the Antiguan liquidation estates share of the remaining Swiss frozen funds.We are now preparing to pay a third distribution to creditors of 1% of their claim.1% of [...]

Our trial against TD Bank in relation to our .5 billion damages claim commences on Monday 11 January 2021. The trial can be watched live at 10.00am to 4.00pm EST daily via the following links: Monday January 11: https://youtu.be/ero7c9_DuGc Tuesday January 12: https://youtu.be/A-t9LaIjQ5w Wednesday January [...]

See link to full, English translated, decision of the Swiss Federal Criminal Court ordering the release of all remaining Swiss frozen funds. Full Decision of FCC (English translation)Download

Further to our update of 5 November confirming that the Swiss Federal Criminal Court ordered the release of all remaining Swiss frozen funds we advise that Société Generale Private Banking (Suisse) SA (Soc Gen) did not appeal the decision within the required time limit.  This [...]

In a decision dated 16 October 2020 the Swiss Federal Criminal Court (the FCC) upheld the decision of the Swiss Federal Office of Justice (the FoJ) (see link to that 2019 decision) and ordered that all frozen funds remaining in Stanford International Bank Limited’s (In [...]

See link to decision of the Eastern Caribbean Court of Appeal denying our appeal to allow us to sue Proskauer in Antigua.  The Court of Appeal decided that the claim against Proskauer should not be heard in Antigua.  We consider that there are legal and [...]

We are pleased to report that we have defeated HSBC’s application for strike out or summary judgment on our claims against them which means that our case against HSBC can now proceed to trial. See attached copy of the written judgment of Justice Nugee of [...]

As part of the lead up to the three month trial for this matter, scheduled to begin in January 2021, the Ontario Court required both parties to attend a mediation in an attempt to have the parties try to resolve the matter outside of  court. [...]

The Privy Council have decided that the law governing the liquidation of SIB in Antigua and Barbuda does not allow the Liquidators to re-adjust the losses amongst SIB depositors and that the losses must be left as they were when SIB went into liquidation in [...]

To all Claim Buyers, Please see enclosed a copy of the ACKNOWLEDGEMENT OF DEED OF ASSIGNMENT to be used going forward for all claim transfers. We take this opportunity to clarify that this is the only format of acknowledgement which will be accepted going forward [...]

Swiss Federal Office of Justice orders handover of frozen funds to US authorities In a decision dated 12 June 2019 the Swiss federal Office of Justice (FOJ) ordered that all funds remaining in two bank accounts of Stanford International Bank Limited’s (In Liquidation) (SIB) held [...]

UPDATE ON TD LITIGATION DEVELOPMENT The Joint liquidators are pleased to report that the Ontario Superior Court of Justice has directed that our billion damages claim based on a charge of negligence against TD Bank, be set down for a trial starting in January [...]

To all Claim Buyers, Please see enclosed a copy of the New Acknowledgement Form to be used going forward for all claim transfers. We take this opportunity to clarify that this is the only format of acknowledgement which will be accepted going forward and also [...]

Please take notice that Attorney Dr. Gaytri Kachroo will no longer represent any creditors of Stanford International Bank. The Joint Liquidators will be issuing further distributions to Dr. Kachroo’s clients either a) directly to those creditors who have updated their contact details since the resignation [...]

Please take notice that law group Castillo Snyder has advised that they will no longer be accepting distribution cheques on behalf of their clients. The Joint Liquidators have requested alternative contact details from Castillo Snyder for their clients so that distribution cheques may be issued [...]

It has been brought to our attention that a number of creditors have received correspondence from a US law firm requesting that creditors enter into a representation agreement with them or they risk losing their claims against the banks. The correspondence refers to claims against [...]

The Billionaire and the Bank. How a Canadian bank backed a billionaire fraudster: Watch Full Episode. Global News: 16x9 January 30 2016 8:02pm The biggest Ponzi schemes: Stanford vs Madoff By Francesca Fionda and Gil Shochat Global News: Crime January 30, 2016 10:00 am Allen [...]

When it comes to laying claim to the lucrative remains of fallen fraud empires, the DOJ is certain it can serve victims better than expensive court-appointed receivers, trustees or liquidators. John Pacenti When it comes to laying claim to the lucrative remains of fallen fraud [...]

By Andrew Harris and Laurel Brubaker Calkins (Updates with fee summary in sixth, seventh paragraphs.) Jan. 20 (Bloomberg) — R. Allen Stanford’s investors, after waiting three years to see the Texas financier go to trial on charges of leading a $7 billion fraud, must hold [...]

by Patsy R. Brumfield/NEMS Daily Journal 01.18.12 – 04:39 pm Investors who lost money in the failure of Antigua-based Stanford International Bank Ltd. should submit formal claims, its liquidator said Wednesday. More than 30,000 investors worldwide lost more than $7.2 billion when the bank and [...]

By Kit Chellel – Jan 18, 2012 Liquidators of R. Allen Stanford’s Antigua-based bank said investors who lost money in the alleged $7 billion fraud should submit formal claims to creditors. Grant Thornton LLP, appointed by an Antiguan court to wind up Stanford International Bank, [...]

By Julie Triedman December 09, 2011 Ralph Janvey, the court-appointed receiver leading U.S. efforts to recover worldwide assets of alleged Ponzi schemer R. Allen Stanford’s empire, is suddenly facing a new challenge: a revived Stanford bank liquidation proceeding in Antigua. On Dec. 5 the joint [...]