Victims of Allen Stanford’s multi-billion dollar Ponzi scheme are suing the Government of Antigua and Barbuda for its alleged participation in the fraud.

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Earlier story in June 2011 from Caribarena Antigua

Lawsuit Costing Government Big Bucks

Antigua & Barbuda has spent more than a million dollars fighting a lawsuit filed by the Stanford Victims Coalition in a US court. Making the announcement, Finance Minister Harold Lovell said the financial services sector is a key pillar in the Antigua & Barbuda economy.

Its reputation took a beating with the fall of the Stanford Group, and the situation has been worsened because the man who headed the regulatory commission at the time is facing possible extradition to the United States.

According to Lovell, the Stanford Victims Coalition filed a lawsuit in Houston, Texas, with a view to recover the millions of dollars lost in the alleged Ponzi scheme run by Stanford.

He explained that it is crucial that the country vigorously defend its name, and so far it has cost the government in excess of one million dollars in the process.

“This is one of the pressures we don’t need at this time, but we are duty-bound to defend the lawsuit, because if we don’t then they could enter judgment against us and we would then be forced to move to have this judgment set aside,” the minister explained.

The Stanford Victims Coalition is a grouping of people who invested in Stanford’s International Bank and who lost billions when the Stanford Group crashed just over two years ago.

For more on this story go to:

http://www.caribarena.com/antigua/news/latest/97776-lawsuit-costing-government-big-bucks.html

Note: Stanford provided loans to the government of Antigua and was the country’s largest private employer, with businesses that included a development company, cricket stadium, newspaper, an airline and two restaurants.