Government reacts to Stanford suit
Published:Thursday | February 18, 2010 | 5:29 PM
A senior official of the Antigua and Barbuda government has described as unbelievable a class action lawsuit filed in the US by a group of disgruntled investors against the Eastern Caribbean Central Bank (ECCB) and the government.
The so-called Stanford Victims Coalition, which filed the action in a New York court on Wednesday, claims its 28 thousand members fell prey to disgraced Texan financier Sir Allen Stanford.
Stanford has been charged by financial regulators in the US for running an alleged massive Ponzi scheme through his Antigua-based Stanford International Bank.
Wednesday’s lawsuit seeks at least US$100 million in compensation for ECCB’s unlawful seizure last year of the Bank of Antigua.
However Attorney General Justin Simon said he’s not impressed by the claims.
Mr Simon has also described the accusations as preposterous and ludicrous.