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.
CONTACT: Scott Ilgenfritz, President Public Investors Arbitration Bar Association 813-225-2500 firstname.lastname@example.org Source: PIABA