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On February 16, 2009, the United States District Court (the "Court") for the Northern District of Texas, Dallas Division, signed an order appointing a Receiver (the "U.S. Receiver") for all the assets and records of Stanford International Bank, Ltd., Stanford Group Company, Stanford Capital Management, LLC, R. Allen Stanford, James M. Davis and Laura Pendergest-Holt and of all entities they own or control. The February 16 order, as amended March 12, 2009 and again on July 19, 2010, directs the Receiver to, among other things, take control and possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. To view a copy of the Receivership Order, as amended, please click here.

In furtherance of his duties under the Court's order, the U.S. Receiver filed an Amended Motion To Establish Bar Date for Claims and Procedures for Submitting Proofs of Claim. On May 4, 2012, the Court entered an order approving the Receiver's claims process motion. Pursuant to the Court’s Order, the deadline, or “Bar Date”, for filing a Proof of Claim Form is 11:59 p.m. (prevailing Central Time) on September 1, 2012. To view a copy of the Court's order, please click here. Gilardi & Co. LLC has been retained by the U.S. Receiver to act as its Claims Agent in connection with this matter and is assisting the U.S. Receiver with the claims process.

On May 30, 2013, the Court approved the Receiver’s 1st Interim Distribution Plan. A copy of the order approving the 1st Interim Distribution Plan may be found here. On July 2, 2014, the Court approved the Receiver’s 2nd Interim Distribution Plan. A copy of the order approving the 2nd Interim Distribution Plan may be found here. On March 22, 2016, the Court approved the Receiver’s 3rd Interim Distribution Plan. A copy of the order approving the 3rd Interim Distribution Plan may be found here. On May 16, 2017, the Court approved the Receiver’s 4th Interim Distribution Plan. A copy of the order approving the 4th Interim Distribution Plan may be found here. On November 19, 2018, the Court approved the Receiver's 5th Interim Distribution Plan.  A copy of the order approving the 5th Interim Distribution Plan may be found here.  On October 23, 2019, the Court approved the Receiver's 6th Interim Distribution Plan.  A copy of the order approving the 6th Interim Distribution Plan may be found here. On May 7, 2020, the Court approved the Receiver's 7th Interim Distribution Plan.  A copy of the order approving the 7th Interim Distribution Plan may be found here. On February 18, 2021, the Court approved the Receiver's 8th Interim Distribution Plan. A copy of the order approving the 8th Interim Distribution Plan may be found here.  On April 25, 2022, the Court approved the Receiver's 9th Interim Distribution Plan. A copy of the order approving the 9th Interim Distribution Plan may be found here. On March 5, 2024, the Court approved the Receiver's 10th Interim Distribution Plan. A copy of the order approving the 10th Interim Distribution Plan may be found here. On September 26, 2024, the Court approved the Receiver's 11th Interim Distribution Plan. A copy of the order approving the 11th Interim Distribution Plan may be found here. For further information concerning the 1st, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th and 11th Interim Distribution Plans, please click here to view the FAQs under the section entitled “Certification Forms and Distribution.” The Receiver is continuing his efforts to collect additional funds, including funds outside the United States that have been identified and frozen by law enforcement authorities. THE RECEIVER ANTICIPATES MAKING ADDITIONAL DISTRIBUTIONS IN THE FUTURE. The number and size of those distributions will be determined at a later date. The Receiver will also determine at a later date whether to recommend including in future distributions any of the creditors excluded from the 1st, 2nd, 3rd, 4th, 5th, 6th, 7th, 8th, 9th, 10th and 11th Interim Distributions.

The U.S. Receiver intends to communicate updated information regarding the claims process through this website. Please check back periodically for additional information.

Receiver and Official Stanford Investors Committee Announce Settlements and Seek Court Approval

Partial Settlement with Attorneys and Directors of Stanford Trust Company.

On May 12, 2015, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court approval of a settlement entered into with Adams & Reese, LLP, Breazeale, Sachse & Wilson, LLP, Robert C. Schmidt, James R. Austin, Cordell Haymon and Lynette Frazier, both individually and as the independent executrix of the Estate of Thomas L. Frazer. Pursuant to the terms of the settlement, the settling defendants will pay over to the Receivership Estate approximately $4.9 million. The Court has set a hearing on the Motion to Approve the settlement for Friday, July 31, 2015, at 10:00 am. Any party wishing to file an objection to the settlement must do so no later than Friday, July 10, 2015, and must do so in accordance with the requirements established by the Court in its Scheduling Order.

You may access the materials pertaining to this settlement by clicking on the links below:

  • Settlement Agreement, click HERE.
  • Notice of Settlement and Bar Order Proceedings, click HERE.
  • Scheduling Order, click HERE.
  • Motion to Approve Settlement Agreement (Expedited Request for Entry of Scheduling Order and Motion to Approve Proposed Settlement with Adams & Reese Parties, Breazeale, Sachse & Wilson, LLP, Cordell Haymon and Lynette Frazier, Bar Order, Notice and Attorneys’ Fees), click HERE.
  • Appendix in Support of Motion to Approve Settlement Agreement, click HERE.

Settlement with BDO USA, LLP and related entities.

On May 15, 2015, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court approval of a settlement entered into with BDO USA, LLP and related BDO entities. Pursuant to the terms of the settlement, BDO USA, LLP, will pay over to the Receivership Estate $40.0 million. The Court has set a hearing on the Motion to Approve the settlement for Friday, August 28, 2015, at 10:00 am. Any party wishing to file an objection to the settlement must do so no later than Friday, August 7, 2015, and must do so in accordance with the requirements established by the Court in its Scheduling Order.

You may access the materials pertaining to this settlement by clicking on the links below:

  • Settlement Agreement, click HERE.
  • Notice of Settlement and Bar Order Proceedings, click HERE.
  • Scheduling Order, click HERE.
  • Motion to Approve Settlement Agreement (Expedited Request for Entry of Scheduling Order and Motion to Approve Proposed Settlement with BDO USA, LLP to Approve the Proposed Notice of Settlement with BDO USA, LLP, to Enter the Bar Order, to Enter the Final Judgment and Bar Order, and for Plaintiffs’ Attorneys’ Fees), click HERE.
  • Appendix in Support of Motion to Approve Settlement Agreement, click HERE.

SPECIAL NOTICE FOR STANFORD INTERNATIONAL BANK CD INVESTORS WHO HAVE NOT ALREADY FILED A CLAIM.

The terms of the BDO Settlement also provide Stanford International Bank CD Investors who have not yet filed a claim with the Receiver or the Antiguan Joint Liquidators with an additional opportunity to file a claim with the Receiver. IF YOU HAVE ALREADY FILED A CLAIM WITH THE RECEIVER OR JOINT LIQUIDATORS, THIS DOES NOT APPLY TO YOU. Stanford Investors who have not yet filed a claim with the Receiver or the Antiguan Joint Liquidators may file a claim with the Receiver by completing and filing a Proof of Claim on or before August 5, 2015. You may obtain a Proof of Claim form, in English, HERE, in Spanish, HERE.

IF YOU HAVE ALREADY FILED A CLAIM WITH THE RECEIVER, YOU DO NOT NEED TO FILE ANOTHER ONE.

Receiver and Official Stanford Investors Committee Announce Settlement with Kroll and Seek Court Approval

On March 7, 2016, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court Approval of a settlement entered into with Kroll, LLC (f/k/a Kroll, Inc.) and Kroll Associates, Inc. (collectively, “Kroll”). Pursuant to the terms of the settlement, the Receivership Estate will receive $24.0 million. On March 23, 2016, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Settlement and establishing a scheduling for the submission of objections.

The Court has set a hearing on the Motion to Approve the Settlement for Friday, July 8, 2016 at 10:00 am. Any party wishing to file an objection to the settlement must do so no later than Wednesday, May 18, 2016, and must do so in accordance with the requirements established by the Court in its Scheduling Order.

You may access the materials pertaining to the Kroll settlement by clicking on the links below:

  • Scheduling Order, click HERE for English and HERE for Spanish. Click HERE for the Exhibits to the Scheduling Order (English only).
  • Settlement Agreement, click HERE for English and HERE for Spanish.
  • Notice of Settlement and Bar Order Proceedings, click HERE for English and HERE for Spanish.
  • Publication Notice, click HERE for English and HERE for Spanish.
  • Proposed Bar Order and Judgment, click HERE for English and HERE for Spanish.
  • Proposed Antiguan Court Orders, click HERE for English and HERE for Spanish.

Kroll Settlement FAQs:

Q: Why did the Plaintiffs settle for $24 million?

A: The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement, the Application for Attorneys’ Fees, and the Declarations included in the Appendix to the Application. You can review the Motion to Approve the Settlement by clicking HERE (English only). You can review the Appendix in support of the Motion to Approve Settlement by clicking HERE (English only). You can review the Application for Attorneys’ Fees by clicking HERE (English only). You can review the Appendix to the Application for Attorneys’ Fees by clicking HERE (English only).

Q: How was the amount to be paid to the Plaintiffs’ attorneys determined?

A: The Plaintiffs’ attorneys entered into agreements that set their fee at 25% of the Net Recovery obtained. The agreements also provided that the Plaintiffs’ attorneys would not be paid if they were not successful.

Q: If approved, which Stanford investors will be entitled to distributions from the Kroll settlement?

A: Proceeds from the Kroll Settlement will be distributed on a pro rata basis to all Stanford investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).

Q: How do I object to the Kroll Settlement or its terms?

A: Any objection to the Kroll Settlement or its terms, the Motion to Approve the Settlement, or the Judgment and Bar Order must be filed in writing, with the Court in the SEC Action no later than May 18, 2016. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the motion for additional instructions.

Q: When will the Court make a final determination on the Motion to Approve the Settlement?

A: The Final Approval Hearing is set for July 8, 2016. The Court will issue its decision at the hearing or some point thereafter.

Q: If the Court approves the motion, when can I expect my distribution payment?

A: The Kroll Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement. The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and on the Examiner’s website.

Q: I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Kroll Distribution Plan?

A: If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q: I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A: You should contact the Receiver’s Claims Agent to request your claim number: (i) by email at info@stanfordfinancialclaims.com or (ii) by phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlement with Chadbourne & Parke, LLP and Seek Court Approval

On April 20, 2016, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court Approval of a settlement entered into with Chadbourne & Parke, LLP (“Chadbourne”). Pursuant to the terms of the settlement, the Receivership Estate will receive $35.0 million. On May 10, 2016, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Settlement and establishing a scheduling for the submission of objections.

The Court has set a hearing on the Motion to Approve the Settlement for Friday, August 12, 2016 at 10:00 am. Any party wishing to file an objection to the settlement must do so no later than Friday, July 22, 2016, and must do so in accordance with the requirements established by the Court in its Scheduling Order.

You may access the materials pertaining to the Chadbourne settlement by clicking on the links below:

  • Scheduling Order, click HERE.
  • Motion to Approve the Settlement, click HERE.
  • Appendix in Support of the Motion to Approve the Settlement, including the Settlement Agreement itself and Exhibits A through G thereto, click HERE.
  • Notice of Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish) .
  • Publication Notice (Exhibit G), click HERE.

Chadbourne Settlement FAQs:

Q. Why did the Plaintiffs settle for $35 million?

A. The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion, all of which are hyperlinked above.

Q: How was the amount to be paid to the Plaintiffs’ attorneys determined?

A: The Plaintiffs’ attorneys entered into agreements that set their fee at 25% of the Net Recovery obtained. The agreements also provided that the Plaintiffs’ attorneys would not be paid if they were not successful.

Q: If approved, which Stanford investors will be entitled to distributions from the Chadbourne settlement?

A: Proceeds from the Chadbourne Settlement will be distributed on a pro rata basis to all Stanford investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).

Q: How do I object to the Chadbourne Settlement or its terms?

A: Any objection to the Chadbourne Settlement or its terms, the Motion to Approve the Settlement, the Application for Attorneys’ Fees, or the Judgment and Bar Order must be filed in writing, with the Court in the SEC Action no later than July 22, 2016. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and the Notice of Settlement and Bar Order Proceedings (both of which are hyperlinked above) for additional instructions.

Q: When will the Court make a final determination on the Motion to Approve the Settlement?

A: The Final Approval Hearing is set for August 12, 2016 at 10:00 a.m. The Court will issue its decision at the hearing or some point thereafter.

Q: If the Court approves the motion, when can I expect my distribution payment?

A: The Chadbourne Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement. The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and on the Examiner’s website.

Q: I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Chadbourne Distribution Plan?

A: If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q: I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A: You should contact the Receiver’s Claims Agent to request your claim number: (1) by email at info@stanfordfinancialclaims.com, or (2) by phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlement with Certain Underwriters at Lloyd’s of London, Lexington Insurance Company, and Arch Specialty Insurance Company and Seek Court Approval

On June 27, 2016, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court Approval of a settlement entered into with Certain Underwriters at Lloyd’s of London, Lexington Insurance Company, and Arch Specialty Insurance Company (collectively, “Underwriters”).  Pursuant to the terms of the settlement, the Receivership Estate will receive $65.0 million.  On July 11, 2016, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Settlement and establishing a schedule for the submission of objections.  On July 21, 2016, the Court reset the hearing date. 

The hearing on the Motion to Approve the Settlement is scheduled for Friday, October 28, 2016 at 10:00 am.  Any party wishing to file an objection to the settlement must do so no later than Friday, September 30, 2016, and must do so in accordance with the requirements established by the Court in its Scheduling Order.

You may access the materials pertaining to the Underwriters settlement by clicking on the links below:

  • Scheduling Order, click HERE.
  • Order Resetting Hearing on Motion to Approve Settlement, click HERE.
  • Motion to Approve the Settlement, click HERE.
  • Appendix in Support of the Motion to Approve the Settlement, including the Settlement Agreement itself and Exhibits and Amendment thereto, click HERE.
  • Settlement Agreement, including Exhibits and Amendment thereto, click HERE (Spanish).
  • Notice of Settlement and Bar Order Proceedings (Exhibit F), click HERE (English) and HERE (Spanish).
  • Publication Notice (Exhibit G), click HERE (English) and HERE (Spanish).

Underwriters Settlement FAQs:

Q.   Why did the Plaintiffs settle for $65 million?

A.  The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion, all of which are hyperlinked above.

Q:  How was the amount to be paid to the Plaintiffs’ attorneys determined?

A:  The Plaintiffs’ attorneys entered into agreements that set their fee at 33 1/3% of the Net Recovery obtained.  The agreements also provided that the Plaintiffs’ attorneys would not be paid if they were not successful.  The Plaintiffs’ attorneys have agreed to significantly reduce their fee to 21.5% of the Net Recovery.

Q:  If approved, which Stanford investors will be entitled to distributions from the Underwriters settlement?

A:  Proceeds available for distribution from the Underwriters Settlement will be distributed on a pro rata basis to all Stanford investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certifications to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).  After the Court approves the Underwriters Settlement, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the Underwriters Settlement.

Q:  How do I object to the Underwriters Settlement or its terms?

A:  Any objection to the Underwriters Settlement or its terms, the Motion to Approve the Settlement, the Application for Attorneys’ Fees, the Bar Order, or the Judgment and Bar Order must be filed in writing, with the Court in the SEC Action no later than September 30, 2016.  Any objections not filed by that date will be deemed waived and will not be considered by the Court.  Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections.  Please refer to the Scheduling Order and the Notice of Settlement and Bar Order Proceedings (both of which are hyperlinked above) for additional instructions.

Q:  When will the Court make a final determination on the Motion to Approve the Settlement?

A:  The Final Approval Hearing is set for October 28, 2016 at 10:00 a.m.  The Court will issue its decision at the hearing or some point thereafter.

Q:  If the Court approves the motion, when can I expect my distribution payment?

A:  The Underwriters Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement.  The timing of the Court’s approval and any subsequent distribution has yet to be determined.  As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and on the Examiner’s website.

Q:  I have already filed a Proof of Claim form with the U.S. Receiver.  Do I need to file another Proof of Claim form to be considered in the Underwriters Distribution Plan?

A:  If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another Proof of Claim. 

Q:  I have not received a Notice of Determination with my claim number.  How can I be sure you received my Proof of Claim Form?

A:  You should contact the Receiver’s Claims Agent to request your claim number: (1) by email at info@stanfordfinancialclaims.com, or (2) by phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlements with Stanford’s Insurance Brokers

Willis Settlement.

On September 7, 2016, the Receiver, the Official Stanford Investors Committee (“OSIC”) and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Willis Towers Watson Public Limited Company (and related persons and entities) (“Willis”).  Pursuant to the terms of the settlement, the Receivership Estate will receive $120 million.  On October 19, 2016, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Willis Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Willis Settlement at 10:00 a.m. on Friday, January 20, 2017.  Any party wishing to file an objection to the Willis Settlement must do so no later than Friday, December 30, 2016.

You may access the materials pertaining to the Willis Settlement by clicking on the links below:

  • Scheduling Order, click HERE
  • Motion to Approve Willis Settlement, click HERE (English) and HERE (Spanish)
  • Appendix in Support of Motion to Approve Willis Settlement, click HERE (English) and HERE (Spanish) (Supporting Declarations have been omitted)
  • Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Proposed Bar Order (SEC Action) (Exhibit C), click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings, click HERE (English) and HERE (Spanish)
  • Publication Notice, click HERE (English) and HERE (Spanish)

WILLIS SETTLEMENT FAQs:

Q.        Why did the Plaintiffs and Receiver settle with Willis for $120 million?

A.        The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q:        If approved, which Stanford investors will be entitled to distributions from the Willis Settlement?

A:        Proceeds available for distribution from the Willis Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).  After the Court approves the Willis Settlement and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the Willis Settlement.

Q:        How do I object to the Willis Settlement or its terms?

A:        Any objection to the Willis Settlement or its terms, the Motion to Approve the Settlement, the Application for Attorneys’ Fees, or the Judgments and Bar Orders must be filed in writing with the Court in the SEC Action no later than December 30, 2016. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q:        When will the Court make a final determination on the Motion to Approve the Settlement?

A:        The Final Approval Hearing is set for Friday, January 20, 2017 at 10:00 AM. The Court will issue its decision at the hearing or some point thereafter.

Q:        If the Court approves the motion, when can I expect my distribution payment?

A:        The Willis Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement and the settlement amount has been paid to the Receiver. 

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the Willis Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and toon the Examiner’s website.

Q:        I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Willis Distribution Plan?

A:        NO.  If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q:        I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A:        You should contact the Receiver’s Claims Agent to request your claim number:(1)By email at info@stanfordfinancialclaims.com or (2) By phone at (866) 332-3233 or (201) 222 4059.

BMB Settlement. 

On September 28, 2016, the Receiver, the OSIC and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Bowen, Miclette & Britt, Inc. (and related persons) (“BMB”).  Pursuant to the terms of the settlement, the Receivership Estate will receive $12.85 million.  On October 19, 2016, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the BMB Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the BMB Settlement at 10:00 a.m. on Friday, January 20, 2017.  Any party wishing to file an objection to the BMB Settlement must do so no later than Friday, December 30, 2016. 

You may access the materials pertaining to the BMB Settlement by clicking on the links below:

  • Scheduling Order, click HERE
  • Motion to Approve BMB Settlement, click HERE (English) and HERE (Spanish)
  • Appendix in Support of Motion to Approve BMB Settlement, click HERE (English)
  • Settlement Agreement, click HERE (English) and HERE (Spanish) (including exhibits thereto)
  • Proposed Bar Order (SEC Action), click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings, click HERE (English) and HERE (Spanish)
  • Publication Notice, click HERE (English) and HERE (Spanish)

BMB SETTLEMENT FAQs:

Q.        Why did the Plaintiffs and Receiver settle with the BMB Defendants for $12.85 million?

A.        The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q:        If approved, which Stanford investors will be entitled to distributions from the BMB Settlement?

A:        Proceeds available for distribution from the BMB Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).  After the Court approves the BMB Settlement and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the BMB Settlement.

Q:        How do I object to the BMB Settlement or its terms?

A:        Any objection to the BMB Settlement or its terms, the Motion to Approve the Settlement, the Application for Attorneys’ Fees, or the Judgments and Bar Order must be filed in writing, with the Court in the SEC Action no later than December 30, 2016. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q:        When will the Court make a final determination on the Motion to Approve the Settlement?

A:        The Final Approval Hearing is set for Friday, January 20, 2017 at 10:00 AM. The Court will issue its decision at the hearing or some point thereafter.

Q:        If the Court approves the motion, when can I expect my distribution payment?

A:        The BMB Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement and the settlement amount has been paid to the Receiver.

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the BMB Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q:        I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the BMB Distribution Plan?

A:        NO.  If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q:        I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A:        You should contact the Receiver’s Claims Agent to request your claim number:(1) By email at info@stanfordfinancialclaims.com or (2) By phone at (866) 332-3233 or (201) 222 4059.

Attorneys’ Fees Payable from the Willis and BMB Settlements

On October 5, 2016, the Receiver, the OSIC and certain individual Investor Plaintiffs filed a Motion for an Award of Attorneys’ Fees and Expenses in connection with the settlements with Willis and BMB.  In that Motion, the Receiver, the OSIC and the Investor Plaintiffs seek Court approval to pay a total of $30 million to Plaintiffs’ Counsel in connection with the Willis and BMB Settlements.  That amount represents 22.582% of the gross recovery expected from the Willis and BMB Settlements and represents a discount of more than $3.3 million from the 25% contingency fee that Plaintiffs’ Counsel was entitled to claim pursuant to Counsel’s agreements with the Receiver, the OSIC, and the Investor Plaintiffs.

The Court has set a hearing on the Motion for an Award of Attorneys’ Fees and Expenses at 10:00 a.m. on Friday, January 20, 2017

You may access the materials pertaining to the Motion for an Award of Attorneys’ Fees and Expenses by clicking on the links below:

  • Motion for Award of Attorneys’ Fees and Expenses, click HERE
  • Brief in Support of Motion for Award of Attorneys’ Fees and Expenses, click HERE
  • Appendix in Support of Motion for Award of Attorneys’ Fees and Expenses, click HERE

 

Receiver and Official Stanford Investors Committee Announce Settlement with Hunton & Williams, LLP

On August 16, 2017, the Receiver, the Official Stanford Investors Committee (“OSIC”) and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Hunton & Williams, LLP (“Hunton”).  Pursuant to the terms of the settlement, the Receivership Estate will receive $34 million.  On August 23, 2017, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Hunton Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Hunton Settlement at 10:00 a.m. on Tuesday, November 28, 2017.  Any party wishing to file an objection to the Hunton Settlement must do so no later than Tuesday, November 7, 2017.

You may access the materials pertaining to the Hunton Settlement by clicking on the links below:

  • Scheduling Order, click HERE (English) and HERE (Spanish)
  • Motion to Approve Hunton Settlement, click HERE (English) and HERE (Spanish)
  • Appendix in Support of Motion to Approve Hunton Settlement, click HERE (English)
  • Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Proposed Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings, click HERE (English) and HERE (Spanish)
  • Publication Notice, click HERE (English)
  • Release as to Carlos Loumiet (Exhibit E), click HERE (English) and HERE (Spanish)

HUNTON SETTLEMENT FAQs:

Q.        Why did the Plaintiffs and Receiver settle with Hunton for $34 million?

A.        The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q:        If approved, which Stanford investors will be entitled to distributions from the Hunton Settlement?

A:        Proceeds available for distribution from the Hunton Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).  The Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the Hunton Settlement.

Q:        How do I object to the Hunton Settlement or its terms?

A:        Any objection to the Hunton Settlement or its terms, the Motion to Approve the Settlement, the Application for Attorneys’ Fees, or the Judgments and Bar Orders must be filed in writing with the Court in the SEC Action no later than November 7, 2017. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q:        When will the Court make a final determination on the Motion to Approve the Hunton Settlement?

A:        The Final Approval Hearing is set for Tuesday, November 28, 2017 at 10:00 AM. The Court will issue its decision at the hearing or some point thereafter.

Q:        If the Court approves the Hunton Settlement, when can I expect my distribution payment?

A:        The Hunton Settlement contemplates that the Receiver will file a Motion for approval of a plan to distribute the net settlement proceeds after the Court approves the settlement and the settlement amount has been paid to the Receiver. 

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the Hunton Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q:        I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Hunton Distribution Plan?

A:        NO.  If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q:        I have received a Notice of Determination with my claim number, but have not received any distributions.  Why is that?

A.        There are several potential reasons for why you may not have received any distributions, including but not limited to:

            First, you cannot receive distributions until you have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution).

            Second, you will not receive distributions if you have objected to the Receiver’s Notice of Determination and that objection has not been resolved.

            If you have submitted your completed Certification Notice and have not objected to the Receiver’s Notice of Determination, you should contact the Receiver’s Claims Agent via email or phone as set forth below.

Q:        I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A:        You should contact the Receiver’s Claims Agent to request your claim number:

      1. By email at info@stanfordfinancialclaims.com
      2. By phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlement with Proskauer Rose LLP.

On August 24, 2018, the Receiver, the Official Stanford Investors Committee (“OSIC”) and certain individual Investor Plaintiffs filed a Motion seeking Court approval of a settlement entered into with Proskauer Rose, LLP (“Proskauer”). Pursuant to the terms of the settlement, the Receivership Estate will receive $63 million. On September 11, 2018, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Proskauer Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Proskauer Settlement at 10:00 a.m. on Friday, December 14, 2018. Any party wishing to file an objection to the Proskauer Settlement must do so no later than Friday, November 23, 2018.

You may access the materials pertaining to the Proskauer Settlement by clicking on the links below:

  • Scheduling Order, click HERE (English) and HERE (Spanish)
  • Motion to Approve Proskauer Settlement (English only), click HERE
  • Appendix in Support of Motion to Approve Proskauer Settlement (English only), click HERE
  • Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Proposed Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Proposed Judgment and Bar Order (Receiver Action) (Exhibit C), click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Publication Notice (Exhibit G), click HERE (English) and HERE (Spanish)

PROSKAUER SETTLEMENT FAQs:

Q: Why did the Plaintiffs and Receiver settle with Proskauer for $63 million?

A: The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q:        If approved, which Stanford investors will be entitled to distributions from the Proskauer Settlement?

A:        Proceeds available for distribution from the Proskauer Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution). After the Court approves the Proskauer Settlement and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the Proskauer Settlement.

Q:        How do I object to the Proskauer Settlement or its terms?

A:        Any objection to the Proskauer Settlement or its terms, the Motion to Approve the Settlement, the Application for Attorneys’ Fees, or the Judgments and Bar Orders must be filed in writing with the Court in the SEC Action no later than November 23, 2018. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q:        When will the Court make a final determination on the Motion to Approve the Settlement?

A:        The Final Approval Hearing is set for Friday, December 14, 2018 at 10:00 AM. The Court will issue its decision at the hearing or some point thereafter.

Q:        If the Court approves the motion, when can I expect my distribution payment?

A:        The Proskauer Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement and the settlement amount has been paid to the Receiver.

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the Proskauer Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q:        I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Proskauer Distribution Plan?

A:        NO. If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q: I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A:        You should contact the Receiver’s Claims Agent to request your claim number:

      1. By email at info@stanfordfinancialclaims.com
      2. By phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlement with Greenberg Traurig LLP and Greenberg Traurig, P.A.

On October 17, 2019, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court approval of a settlement entered into with Greenberg Traurig, P.A. and Greenberg Traurig, LLP. Pursuant to the terms of the settlement, the Receivership Estate will receive $65 million for distribution to victims of the Stanford Ponzi scheme. On November 18, 2019, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Greenberg Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Greenberg Settlement at 10:30 a.m. on Friday, February 21, 2020. Any party wishing to file an objection to the Greenberg Settlement must do so no later than Friday, January 31, 2020.

You may access the materials pertaining to the Greenberg Settlement by clicking on the links below:

  • Scheduling Order, click HERE (English) and HERE (Spanish)
  • Motion to Approve Greenberg Settlement (English Only), click HERE
  • Appendix in Support of Motion to Approve Greenberg Settlement (English Only), click HERE
  • Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Proposed Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Proposed Judgment and Bar Order (Receiver Action) (Exhibit C), click HERE (English) and HERE (Spanish)
  • Publication Notice (Exhibit F), click HERE (English) and HERE (Spanish)

GREENBERG SETTLEMENT FAQs:

Q:        Why did OSIC and Receiver settle with Greenberg for $65 million?

A: The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q:        If approved, which Stanford investors will be entitled to distributions from the Greenberg Settlement?

A:        Proceeds available for distribution from the Greenberg Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution). After the Court approves the Greenberg Settlement and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the Greenberg Settlement.

Q:        How do I object to the Greenberg Settlement or its terms?

A:        Any objection to the Greenberg Settlement or its terms, the Motion to Approve the Settlement, the Bar Order, the Judgment and Bar Order, or the Request for Attorneys’ Fees must be filed in writing with the Court in the SEC Action by ECF or by mailing the objection to the Clerk of the United States District Court for the Northern District of Texas, 1100 Commerce Street, Dallas, Texas 75242, no later than January 31, 2020. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q:        When will the Court make a final determination on the Motion to Approve the Settlement?

A:        The Final Approval Hearing is set for Friday, February 21, 2020 at 10:30 AM. The Court will issue its decision at the hearing or some point thereafter.

Q:        If the Court approves the Motion, when can I expect my distribution payment?

A:        The Greenberg Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement and the settlement amount has been paid to the Receiver.

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the Greenberg Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q:        I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Greenberg Distribution Plan?

A:        NO. If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q:        I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A:        You should contact the Receiver’s Claims Agent to request your claim number:

      1. By email at info@stanfordfinancialclaims.com
      2. By phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlement with Trustmark National Bank

On January 19, 2023, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court approval of a settlement entered into with Trustmark National Bank. Pursuant to the terms of the settlement, the Receivership Estate will receive $100 million for distribution to victims of the Stanford Ponzi scheme. On January 20, 2023, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the Trustmark Settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Trustmark Settlement at 10:30 a.m. on Wednesday, May 3, 2023. Any party wishing to file an objection to the Trustmark Settlement must do so no later than Wednesday, April 12, 2023.

You may access the materials pertaining to the Trustmark Settlement by clicking on the links below:

  • Scheduling Order, click HERE (English) and HERE (Spanish)
  • Motion to Approve Trustmark Settlement (English Only), click HERE
  • Appendix in Support of Motion to Approve Trustmark Settlement (English Only), click HERE
  • Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Proposed Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Proposed Judgment and Bar Order (Jackson Action) (Exhibit C), click HERE (English) and HERE (Spanish)
  • Publication Notice (Exhibit F), click HERE (English) and HERE (Spanish)

TRUSTMARK SETTLEMENT FAQs:

Q:        Why did OSIC and Receiver settle with Trustmark for $100 million?

A:       The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q:        If approved, which Stanford investors will be entitled to distributions from the Trustmark Settlement?

A:       Proceeds available for distribution from the Trustmark Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution). After the Court approves the Trustmark Settlement and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the Trustmark Settlement.

Q:        How do I object to the Trustmark Settlement or its terms?

A:        Any objection to the Trustmark Settlement or its terms, the Motion to Approve the Settlement, the Bar Order, the Judgment and Bar Order, or the Request for Attorneys’ Fees must be filed in writing with the Court in the SEC Action by ECF or by mailing the objection to the Clerk of the United States District Court for the Northern District of Texas, 1100 Commerce Street, Dallas, Texas 75242, no later than April 12, 2023. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q:        When will the Court make a final determination on the Motion to Approve the Settlement?

A:        The Final Approval Hearing is set for Wednesday, May 3, 2023 at 10:30 AM. The Court will issue its decision at the hearing or some point thereafter.

Q:        If the Court approves the Motion, when can I expect my distribution payment?

A:        The Trustmark Settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement and the settlement amount has been paid to the Receiver.

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the Trustmark Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q:        I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Trustmark Distribution Plan?

A:        NO. If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q:        I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A:        You should contact the Receiver’s Claims Agent to request your claim number:

    1. By email at info@stanfordfinancialclaims.com
    2. By phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlement with Société Générale Private Banking (Suisse), S.A. and Blaise Friedli

On February 21, 2023, the Receiver and the Official Stanford Investors Committee filed a Motion seeking Court approval of a settlement entered into with Société Générale Private Banking (Suisse), S.A. (“SG Suisse”) and Blaise Friedli (together with SG Suisse, “SG”). Pursuant to the terms of the settlement, the Receivership Estate will receive $157 million for distribution to victims of the Stanford Ponzi scheme. On February 23, 2023, the Court entered a Scheduling Order setting a hearing on the Motion to Approve the settlement and establishing a schedule for the submission of objections.

The Court has set a hearing on the Motion to Approve the Settlement at 10:30 a.m. on Wednesday, June 7, 2023. Any party wishing to file an objection to the settlement must do so no later than Wednesday, May 17, 2023.

You may access the materials pertaining to the settlement by clicking on the links below:

  • Scheduling Order, click HERE (English) and HERE (Spanish)
  • Motion to Approve the Settlement (English Only), click HERE
  • Appendix in Support of Motion to Approve the Settlement (English Only), click HERE
  • Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Notice of Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Proposed Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Publication Notice (Exhibit E), click HERE (English) and HERE (Spanish)

SG SETTLEMENT FAQs:

Q: Why did OSIC and Receiver settle with SG for $157 million?

A: The reasons for the amount of the settlement are discussed at length in the Motion to Approve the Settlement and the Declarations included in the Appendix to the Motion. You can review the Motion to Approve the Settlement and the supporting Appendix by clicking on the links above.

Q: If approved, which Stanford investors will be entitled to distributions from the settlement?

A: Proceeds available for distribution from the settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution). After the Court approves the settlement and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the settlement.

Q: How do I object to the settlement or its terms?

A: Any objection to the settlement or its terms, the Motion to Approve the Settlement, the Bar Order, or the Request for Attorneys’ Fees must be filed in writing with the Court in the SEC Action by ECF or by mailing the objection to the Clerk of the United States District Court for the Northern District of Texas, 1100 Commerce Street, Dallas, Texas 75242, no later than May 17, 2023. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q: When will the Court make a final determination on the Motion to Approve the Settlement?

A: The Final Approval Hearing is set for Wednesday, June 7, 2023 at 10:30 AM. The Court will issue its decision at the hearing or some point thereafter.

Q: If the Court approves the Motion, when can I expect my distribution payment?

A: The settlement contemplates that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlement and the settlement amount has been paid to the Receiver.

The timing of the payment of the settlement amount will depend, first, upon when the Court enters its order approving the settlement and, second, upon whether any objecting party pursues an appeal from the Court’s order approving the settlement.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q: I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the SG Distribution Plan?

A: NO. If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q: I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A: You should contact the Receiver’s Claims Agent to request your claim number:

    1. By email at info@stanfordfinancialclaims.com
    2. By phone at (866) 332-3233 or (201) 222 4059.

Receiver and Official Stanford Investors Committee Announce Settlements with Toronto Dominion Bank, HSBC Bank plc, and Independent Bank (formerly known as Bank of Houston)

On March 8, 2023, the Receiver and the Official Stanford Investors Committee (“OSIC”) filed Motions seeking Court approval of three separate settlements entered into with (1) Toronto Dominion Bank (the “TD Bank Settlement”), (2) HSBC Bank plc (the “HSBC Settlement”), and (3) Independent Bank, formerly known as Bank of Houston (the “Independent Settlement”). Pursuant to the terms of the TD Bank Settlement, the Receivership Estate will receive $1.205 billion for distribution to victims of the Stanford Ponzi scheme. Pursuant to the terms of the HSBC Settlement, the Receivership Estate will receive $40 million for distribution to the victims of the Stanford Ponzi scheme. Pursuant to the terms of the Independent Settlement, the Receivership Estate will receive $100 million for distribution to the victims of the Stanford Ponzi scheme. In connection with the TD Bank Settlement, and for the benefit of the victims of the Stanford Ponzi scheme, counsel for the OSIC has also agreed to a substantial decrease in the attorneys’ fees that would have been payable pursuant to counsel’s contingency fee agreement.

On March 15, 2023, the Court entered Scheduling Orders setting hearings on the Motions to Approve the TD Bank Settlement, the HSBC Settlement, and the Independent Settlement, and establishing a schedule for the submission of objections to those Settlements.

The Court has set a hearing on the Motions to Approve the TD Bank Settlement, the HSBC Settlement and the Independent Settlement at 9:30 a.m. on August 8, 2023. Any party wishing to file an objection to the TD Bank Settlement, the HSBC Settlement, and/or the Independent Bank Settlement must do so no later than July 18, 2023.

You may access the materials pertaining to the TD Bank Settlement, the HSBC Settlement, and the Independent Settlement by clicking on the links below:

  • TD Bank Scheduling Order, click HERE (English) and HERE (Spanish)
  • HSBC Scheduling Order, click HERE (English) and HERE (Spanish)
  • Independent Scheduling Order, click HERE (English) and HERE (Spanish)
  • Motion to Approve TD Bank Settlement (English Only), HERE
  • Appendix in Support of Motion to Approve TD Bank Settlement (English Only), click HERE
  • Motion to Approve HSBC Settlement, click HERE (English Only)
  • Appendix in Support of Motion to Approve HSBC Settlement, click HERE (English Only)
  • Motion to Approve Independent Settlement, click HERE (English Only)
  • Appendix in Support of Motion to Approve Independent Settlement, click HERE (English Only)
  • TD Bank Settlement Agreement, click HERE (English) and HERE (Spanish)
  • HSBC Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Independent Settlement Agreement, click HERE (English) and HERE (Spanish)
  • Notice of TD Bank Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Notice of HSBC Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Notice of Independent Settlement and Bar Order Proceedings (Exhibit A), click HERE (English) and HERE (Spanish)
  • Proposed TD Bank Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Proposed HSBC Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • Proposed Independent Bar Order (SEC Action) (Exhibit B), click HERE (English) and HERE (Spanish)
  • TD Bank Publication Notice (Exhibit E), click HERE (English) and HERE (Spanish)
  • HSBC Publication Notice (Exhibit E), click HERE (English) and HERE (Spanish)
  • Independent Publication Notice (Exhibit E), click HERE (English) and HERE (Spanish)

TD BANK/HSBC/INDEPENDENT SETTLEMENT FAQs:

Q: Why did the OSIC and Receiver settle with TD Bank for $1.205 billion, with HSBC for $40 million, and with Independent for $100 million?

A: The reasons for the amounts of the settlement are discussed at length in the respective Motions to Approve the Settlements and the Declarations included in the Appendices to the Motions. You can review the Motions to Approve the Settlement and the supporting Appendices by clicking on the links above.

Q: If approved, which Stanford investors will be entitled to distributions from the TD Bank Settlement, the HSBC Settlement, and the Independent Settlement?

A: Proceeds available for distribution from these three Settlement will be distributed on a pro rata basis to all Stanford Investors who (a) have Allowed Claim Amounts determined by the Receiver’s claim and distribution process, and (b) have submitted a completed Certification Notice to the Receiver (as required by the Court’s Order approving the Receiver’s First Interim Distribution). After the Court approves the three Settlements and that approval has become final, the Receiver will file a motion proposing and asking the Court to approve a specific distribution plan for available proceeds from the three Settlements.

Q: Can you explain the “substantial decrease in the attorneys’ fees” that would have been payable in connection with the TD Bank settlement?

A: The OSIC’s agreement with the attorneys prosecuting the litigation against TD Bank contemplated that the attorneys would be compensated with a contingent fee equal to 25% of the net proceeds of any settlement with or recovery from TD Bank. Pursuant to that agreement, the attorneys’ fees payable in connection with the TD Bank settlement would have been approximately $300 million. At the request of the Receiver and the Examiner, the attorneys prosecuting the litigation against TD Bank agreed to accept an attorneys’ fee equal to $100 million for their work on the litigation against and settlement with TD Bank. That attorneys’ fee is 1/3 of the amount called for by the OSIC’s agreement with those attorneys and represents a contingent fee of just over 8%.

Q: How do I object to the TD Bank Settlement, the HSBC Settlement, or the Independent Settlement or the terms of those settlements?

A: Any objection to the TD Bank Settlement or its terms, the HSBC Settlement or its terms, the Independent Settlement or its terms, the Motions to Approve the Settlements, the Bar Orders contemplated by each of the Settlements, or the Requests for Attorneys’ Fees must be filed in writing with the Court in the SEC Action by ECF or by mailing the objection to the Clerk of the United States District Court for the Northern District of Texas, 1100 Commerce Street, Dallas, Texas 75242, no later than July 18, 2023. Any objections not filed by that date will be deemed waived and will not be considered by the Court. Those wishing to appear and present objections at the Final Approval Hearing must include a request to appear in their written objections. Please refer to the Scheduling Order and Notice (available at the links above) for additional instructions.

Q: When will the Court make a final determination on the Motion to Approve the Settlement?

A: The Final Approval Hearing is set for August 8, 2023 at 9:30 am. The Court will issue its decision at the hearing or some point thereafter.

Q: If the Court approves the Motions, when can I expect my distribution payment?

A: The TD Bank Settlement, the HSBC Settlement and the Independent Settlement each contemplate that the Receiver will file a Motion for approval of a distribution plan after the Court approves the settlements and the settlement amounts have been paid to the Receiver.

The timing of the payment of the settlement amounts will depend, first, upon when the Court enters its order approving the TD Bank Settlement, the HSBC Settlement and/or the Independent Settlement and, second, upon whether any objecting party pursues an appeal from the Court’s orders approving the settlements.

The timing of the Court’s approval and any subsequent distribution has yet to be determined. As additional information becomes available, the Receiver and Examiner will post updates to the Stanford Financial Group Receivership websites and to the Examiner’s website.

Q: I have already filed a Proof of Claim form with the U.S. Receiver. Do I need to file another Proof of Claim form to be considered in the Distribution Plan for the TD Bank Settlement, the HSBC Settlement or the Independent Settlement?

A: NO. If you have already filed a Proof of Claim form with the U.S. Receiver, you DO NOT need to file another form. There is no further action required by you at this time.

Q: I have not received a Notice of Determination with my claim number. How can I be sure you received my Proof of Claim Form?

A: You should contact the Receiver’s Claims Agent to request your claim number:

    1. By email at info@stanfordfinancialclaims.com
    2. By phone at (866) 332-3233 or (201) 222 4059.