Norman, Oklahoma, July 26, 2013 (GLOBE NEWSWIRE) -- PIABA, AARP, and NIAP JOIN IN FILING AN AMICUS BRIEF IN SUPPORT OF INVESTORS' RIGHTS TO ASSERT STATE LAW RIGHTS AND REMEDIES
July 25, 2013, Norman, Oklahoma. The Public Investors
Arbitration Bar Association (PIABA) has joined with the AARP and
the Network for Investor Action and Protection (NIAP) to file an
amicus brief in Chadbourne & Parke, LLP, et al. v. Samuel
Troice, et al., pending before the United States Supreme
Court.
The consolidated cases arise out of an alleged multi-billion dollar
Ponzi scheme perpetrated by entities controlled by Allen
Stanford. The plaintiffs are victims of the Stanford Ponzi
scheme who have sought to bring state law claims to recover damages
for their losses.
The Amici support the plaintiffs' efforts to have the Supreme Court
affirm the decision of the Fifth Circuit Court of Appeals.
The Fifth Circuit held that the plaintiffs' state law rights and
remedies were not precluded by Securities Litigation Uniform
Standards Act (SLUSA). "The Fifth Circuit correctly found
that these investors should be allowed to pursue claims based on
state law," said PIABA President, Scott Ilgenfritz. "This
case is important to investors because it addresses the scope of
SLUSA's state law claims preclusion. PIABA hopes that the
Supreme Court will affirm the Fifth Circuit's decision and believes
that it should," continued Ilgenfritz.
PIABA, a national, non-profit, bar association, promotes the
interests of the public investor by working to protect public
investors from abuses in the arbitration process.
PIABA's brief is available on the PIABA website at
www.PIABA.org.