Victims of the alleged $7 billion Allen Stanford Ponzi scheme may get a greater voice in how what's left of their investments will be divvied up.
The investors have reached a tentative agreement with the court-appointed receiver who is overseeing the liquidation of the defunct Stanford Financial empire.
Under the deal, which must still be approved by a federal judge, investors will get a seat on a new "official committee" overseeing the process. In exchange, the investors will drop their demand that the Stanford properties be forced into bankruptcy.
The receiver, Dallas attorney Ralph Janvey, who took control of Stanford's assets when the Securities and Exchange Commission sued the company in 2009, argued a bankruptcy filing would be expensive and counterproductive.