Independent Bank to Pay $100 Million to Settle Stanford Ponzi Litigation
27 Fevereiro 2023 - 12:20PM
Dow Jones News
By Dean Seal
Independent Bank Group Inc. has agreed to pay $100 million to
exit litigation involving the $7 billion Ponzi scheme carried out
more than a decade ago by Stanford Financial Group.
The bank said in a securities filing that the settlement does
not include an admission of liability or wrongdoing and resolves
claims filed in 2009 against Bank of Houston, which Independent
Bank inherited when it merged with Bank of Houston in 2014.
Victims of the Stanford Ponzi scheme had filed suit against
multiple banks for allegedly aiding the scheme or ignoring red
flags. A trial was set to go forward on Monday against Independent,
Toronto-Dominion Bank and HSBC Holdings Plc, but all three banks
said they have now reached settlements.
Toronto-Dominion Bank will pay $1.21 billion to resolve the
claims against it, while HSBC is set to pay $40 million.
Independent Bank told regulators on Monday that it will make a
one-time payment of $100 million to Ralph S. Janvey, the
court-appointed receiver for Stanford International Bank, that will
be recognized as a non-interest expense for its first-quarter
results.
The bank noted that it expects the settlement will be tax
deductible, and added that it will remain "substantially above
levels considered to be well capitalized under all relevant
standards."
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
February 27, 2023 10:05 ET (15:05 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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