Baton Rouge, New Orleans law firms, others agree to $4.9 million Stanford settlement

Prominent law firms in Baton Rouge and New Orleans and other individuals have agreed to pay a combined total of $4.9 million to end civil claims for $1.8 billion stolen from investors by former Houston promoter Robert Allen Stanford.

A lawsuit by a court-appointed receiver and an investors committee claimed the loss was caused by the wrongful conduct of the law firms, who provided services to Stanford’s companies, and other defendants.

The Baton Rouge firm of Breazeale, Sachse & Wilson agreed Wednesday to pay more than $1.7 million to settle claims, civil court records in Dallas show. The New Orleans firm of Adams and Reese agreed to pay $1 million.

Cordell Haymon, a former director of The Stanford Trust Co. in Baton Rouge, agreed to pay $2 million in return for dismissal of all such claims against him.

Read more: http://theadvocate.com/news/neworleans/12375263-148/baton-rouge-new-orleans-law