Banks Agree to Pay Stanford Victims $1.34B to Avoid Houston Trial
Three banks – Toronto-Dominion Bank, HSBC Bank and Independent Bank (formerly Bank of Houston) – have agreed to pay $1.34 billion to Ponzi-scheme victims of Houston financier R. Allen Stanford and his investment firm.
TD Bank, HSBC and Independent Bank were scheduled to stand trial starting today in Houston federal court where they were accused of aiding and abetting Stanford in perpetrating an $8 billion fraud against 18,000 investors.
