San Antonio lawyers win $120 million settlement in Stanford Ponzi scheme
San Antonio lawyers filed court papers Wednesday asking a Dallas federal judge to approve a $120 million settlement with a global insurance brokerage over its ties to the $7 billion international fraud scheme orchestrated by convicted Texas financier R. Allen Stanford.
The $120 million settlement with Willis Towers Watson would mark the largest recovery yet in litigation that has been brought on behalf of Stanford’s roughly 18,000 victims. A Willis spokesman declined to comment on the settlement. More than $100 million in settlements have been reached with other firms that did business with Stanford.
The settlement was reached by the San Antonio law firms of Castillo Snyder P.C. and Strasburger Price LLP.
Stanford is serving a 110-year prison sentence in Florida after a Houston jury found him guilty of mail fraud and wire fraud in 2012 in connection with the sale of certificates of deposit issued by Stanford International Bank Ltd.
http://www.mysanantonio.com/business/local/article/San-Antonio-lawyers-win-120-million-settlement-9208367.php