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A federal judge has denied summary judgment to several banks accused in a $4 billion lawsuit of providing banking services that supported the Allen Stanford Ponzi scheme.
The banks—including Trustmark National Bank, Toronto-Dominion Bank (TD Bank), HSBC Bank, Independent Bank, and Societe Generale Private Banking (SG Suisse)—are accused of making fraudulent transfers under the Texas Uniform Fraudulent Transfer Act, conspiracy to commit fraud, and aiding and abetting fraud. Their case had been transferred to U.S. District Court for the Northern District of Texas as part of the ongoing Stanford multidistrict litigation proceedings, according to federal court records.
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