Trustmark Corp., parent of Trustmark National Bank, agreed to pay the $100 million...
R. Allen Stanford arrives in custody at the federal courthouse for a hearing in Houston in 2010. Trustmark Corp., parent of Trustmark National Bank, agreed to pay the $100 million instead of facing a federal civil fraud trial alongside four other banks accused of participating in the fraud perpetrated by Stanford and his associates.One of five banks facing a multi-billion-dollar fraud trial next month in Houston for providing financial services to Ponzi scheme perpetrator R.
“Trustmark makes no admission of liability or wrongdoing in connection with any Stanford matter,” Trustmark said in a document filed Dec. 31 with the U.S. Securities and Exchange Commission. “Trustmark expressly denies any liability or wrongdoing with respect to any matter alleged in regard of the multi-billion-dollar Ponzi scheme operated by Stanford for almost 20 years. Trustmark’s relationship with Stanford consisted of ordinary banking services provided to business deposit customers.
The four remaining banks – Toronto-Dominion Bank , HSBC Bank, Independent Bank and Societe Generale Private Banking – are set to go on trial Feb. 27 in federal court in Houston.Janvey and the official Stanford investors committee are “very pleased that they reached a settlement of this magnitude for the benefit of the victims of Allen Stanford’s fraud,” said Baker Botts partner Kevin Sadler, who represents both in the litigation.
“Over many years, these banks helped Stanford move billions of dollars that he obtained by fraud,” Sadler said.
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