Class-action status sought in suit

Attorneys for 86 people affected by convicted Ponzi schemer Robert Allen Stanford’s $7 billion fraud argued Thursday in Baton Rouge for class-action certification of their civil suit against state financial regulators and a Pennsylvania corporation. The investors allege the regulators and SEI Investments Co. failed to protect them from Stanford’s phony investment scheme. If granted by state District Judge Mike Caldwell, class-action certification would permit those 86 people to represent all Stanford investors in Louisiana except for any who may choose to opt out of the litigation. In the event of a final decision in the case in favor of investors, certification could greatly increase the size of any total cash award.
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