ALP condemns Stanford investors\' lawsuit

The opposition Antigua Labour Party (ALP) has denounced a lawsuit filed in Dallas, Texas against the Antiguan government and six regional financial institutions in connection with the Allen Stanford fraud scandal.



The suit seeks compensation for what it calls the unlawful seizure of the Bank of Antigua, the commercial bank previously owned by Mr Stanford.



The ALP said the former Stanford clients behind the lawsuit are US citizens whose contracts with the Stanford Financial Group were executed outside of Antigua and Barbuda with entities regulated by the US government.



The party said they should sue the American government and its agencies instead of targeting Antigua.