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DALLAS--(BUSINESS WIRE)-- Strasburger & Price, LLP and Castillo Snyder, PC filed a class action law suit in U.S. Federal Court on July 2 against Willis Group Holdings Ltd. (Willis) (NYSE: WSH), a UK based global insurance broker with more than 400 offices in nearly 120 countries, and other defendants. The suit, filed on behalf of a class of defrauded Mexican depositor clients of Houston based Stanford Financial Group (Stanford Financial), also names Willis of Colorado, Bowen, Miclette & Britt, Inc. of Houston, and two individuals.
The action alleges Texas securities law violations by Willis and the codefendants in the massive investment fraud scheme perpetrated by Stanford Financial that led to the intervention by the Securities and Exchange Commission in Texas.
Strasburger & Price is representing a large group of former Stanford depositors from throughout Latin America regarding the receivership actions in the United States and Antigua. Strasburger Partners Edward F. Valdespino and David Cibrian will serve as lead lawyers for the Strasburger team for the plaintiffs.
The 56-page filing alleges Willis, and the co-defendants, provided Stanford Financial with certain "safe and soundness" letters at Stanford's request. It further alleges that the clear intention of the letters was that they be used for marketing purposes to retain or obtain actual or prospective clients for Stanford Financial.
The suit also alleges the defendants' direct participation in the fraud crossed the line from the role of insurance brokers, to acting as sales agents for Stanford Financial and its deposit products. These actions convinced depositors located throughout Latin America to invest with the Stanford Financial Group and in turn caused them to be defrauded by the firm, losing assets totaling several billion dollars.
"This marks an important first step to recover financial assets for defrauded Stanford clients beyond what the United States government is currently pursuing," said Valdespino. "For depositors who literally risk losing everything, the U.S. Federal Court offers a real chance to seek financial recourse for their losses."
Mr. Valdespino is a veteran trial lawyer whose practice focuses on complex commercial litigation.
Mr. Cibrian participates in a broad range of domestic and international negotiated transactions and serves as the Chair of Strasburger's International Practice.
"The damage wrought by Allen Stanford stretches far beyond the U.S. borders," said Cibrian. "Depositors throughout Latin America were left wondering how the system failed to protect them and their savings. Companies like the Willis Group had a duty to not act as sales and marketing partners. We intend to prove that the defendants willfully misrepresented the safety of the financial products offered by Stanford. We allege the defendants facilitated the fraud on behalf of the Stanford Group."
About Strasburger & Price LLP:
Strasburger & Price, LLP is a full-service law firm with offices in Austin, Collin County, Dallas, Houston, and San Antonio, Texas, New York City, Washington, D.C., and, through Strasburger & Price, S.C., Mexico City. Strasburger serves as a trusted adviser to publicly and privately held companies, entrepreneurs, governmental entities and individuals. The firm's attorneys represent a variety of companies including start up, middle market and international corporations. For more information about Strasburger, please visit www.Strasburger.com.
For Media:
Gregory FCA
Paul Johnson, Associate Vice President, 610-228-2113 / 267-280-7524
Paul@GregoryFca.com
or
Strasburger & Price:
Lane Sullivan, Chief Marketing Officer, 214-651-2021
Lane.Sullivan@Strasburger.com
or
Leslie Rogers, Marketing Manager, 214-651-2020
Leslie.Rogers@Strasburger.com
Source: Strasburger & Price, LLP
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