Proskauer, Chadbourne Ponzi Scheme Ruling Reversed

Proskauer Rose and Chadbourne & Parke scored big on Thursday when a federal appellate court threw out a long-running lawsuit that claimed both law firms had helped conceal R. Allen Stanford’s $7.2 billion Ponzi scheme.

The decision came from the 5th U.S. Circuit Court of Appeals in New Orleans, which reversed a 2014 Texas Supreme Court ruling that denied the firms motion to dismiss.

“The district court erred in denying their motions to dismiss based on attorney immunity,” said the 3-0 decision .

The appellate court held the law firms were indeed immune from liability. It said Thomas Sjoblom, the lawyer who had represented Stanford and ...