The High Court in Antigua has ordered that 400 former employees of the Stanford Financial Group (SFG) should be paid their retirement funds by the Eastern Caribbean Amalgamated Bank (ECAB), which was formerly owned by disgraced financier Allen Stanford under the name Bank of Antigua (BoA).
The law firm Richards and Company, which represents ECAB, has since advised the former employees and their beneficiaries that cheques would be ready for collection from Wednesday..
The former employees had been engaged in a two-year battle to receive their retirement benefits.
In June 2010, the claimants sued BoA and SFG Limited asking that the monies be made available to the beneficiaries or their representatives.
A High Court document dated February 3, 2011, shows that BoA, now ECAB, has been instructed, under a consent order, to pay the employees who contributed to the fund.
Following the SFG’s collapse in 2009, Stanford and four of his top executives, as well as former Antiguan bank regulator Leroy King, were indicted on nearly two dozen counts of fraud and money laundering in what prosecutors termed a US$7.2 billion Ponzi scheme on investors.
Stanford, 60, had been set to go on trial on January 24, but U.S. District Judge David Hittner agreed last month to delay its start until Stanford is treated for several medical problems that are affecting his mental competency.
Source:CMC
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