LILLIE v. OFFICE OF FINANCIAL INSTITUTIONS STATE

No. 19-30705.

997 F.3d 577 (2021)

Troy LILLIE; Leah Farr; Kenneth Doughtery; Charles White; Martha Jean Witmer; et al., Plaintiffs-Appellants, v. OFFICE OF FINANCIAL INSTITUTIONS STATE OF LOUISIANA; SEI Investments Company; SEI Private Trust Company; Continental Casualty Company; Certain Underwriters at Lloyd's of London; Indian Harbor Insurance Company; Nutmeg Insurance Company; Arch Insurance Company; Allied World Assurance Company (U.S.), Incorporated, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

Filed May 14, 2021.


Attorney(s) appearing for the Case

Phillip W. Preis, Esq. , Crystal DiBenedetto Burkhalter , Charles Malcolm Gordon, Jr., Esq. , Caroline Preis Graham, Esq. , Preis Gordon, A.L.P.C., Baton Rouge, LA, for Plaintiffs-Appellants.

David M. Latham , Everitt & Latham, L.L.C., New Orleans, LA, for Defendant-Appellee Office of Financial Institutions State of Louisiana.

J. Gordon Cooney, Jr., Esq. , Managing Senior Counsel, Ryan P. McCarthy, Esq. , Morgan, Lewis & Bockius, L.L.P., Philadelphia, PA, Duris Lee Holmes , Deutsch Kerrigan, L.L.P., New Orleans, LA, Michael E. Kenneally , Morgan, Lewis & Bockius, L.L.P., Washington, DC, Juston Michael O'Brien , Michael H. Rubin, Esq. , McGlinchey Stafford, P.L.L.C., Baton Rouge, LA, William R. Peterson , Morgan, Lewis & Bockius, L.L.P., Houston, TX, for Defendants-Appellees SEI Investments Company, SEI Private Trust Company.

David Howard Timmins , Husch Blackwell, L.L.P., Dallas, TX, James L. Pate, Esq. , Robert Edwin Torian, Esq. , NeunerPate, Lafayette, LA, for Defendant-Appellee Continental Casualty Company.

Stefan Roane Dandelles , Brendan McGarry , Kaufman Dolowich Voluck, L.L.P., Chicago, IL, Alex P. Tilling, Esq. , Leake & Andersson, L.L.P., New Orleans, LA, for Defendant-Appellee Certain Underwriters at Lloyd's of London.

Pamela Signorello , Special Counsel, Wiley Rein, L.L.P., Washington, DC, Alex P. Tilling, Esq. , Leake & Andersson, L.L.P., New Orleans, LA, for Defendant-Appellee Indian Harbor Insurance Company.

Seth Andrew Schmeeckle, Esq. , Lugenbuhl, Wheaton, Peck, Rankin & Hubbard, New Orleans, LA, for Defendant-Appellee Nutmeg Insurance Company.

Alex P. Tilling, Esq. , Leake & Andersson, L.L.P., New Orleans, LA, for Defendant-Appellee Arch Insurance Company

Judy Y. Barrasso , Michael Anthony Balascio , Barrasso, Usdin, Kupperman, Freeman & Sarver, L.L.C., New Orleans, LA, for Defendant-Appellee Allied World Assurance Company (U.S.), Incorporated.

Before Smith, Graves, and Ho, Circuit Judges.


This is one of many lawsuits resulting from the collapse of Robert Stanford's Ponzi scheme. The plaintiffs are among the unfortunate investors who purchased or renewed certificates of deposit ("CDs") issued by Stanford International Bank, Ltd. ("SIBL"). After their investments went up in smoke, the plaintiffs sued...

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