Some Mexican investors of Stanford Financial Group are suing Willis Group Holdings, the insurance broker, for alleging that they acted in lieu of sales representatives or brokers for the Stanford certificate of deposit. The $1 billion suit calls for damages to be paid to investors, charging that Willis “crossed the line from being mere insurance brokers,” according to a documents filed Thursday.
This is the first lawsuit solely against a non-Stanford entity since the Feb. 17 storming of Stanford Financial Group’s offices in Texas. To read the full story, click here.
Also last week, a court in the United Kingdom acknowledged the Antiguan receiver as operating on behalf of U.K. investors. All Stanford assets remain frozen in the U.K. in response to requests from the U.S. Securities & Exchange Commission and the U.K. Serious Fraud Office. To read more information on the court’s decision and its implications, click here.—Olivia Watkins
