Jury selection is set to begin in federal court in Houston for three banks the Stanford ...
R. Allen Stanford arrives at the Bob Casey Federal Courthouse in Houston, Texas, U.S., on March 1, 2012.
The trial against Toronto-Dominion Bank, HSBC and Independent Bank, formerly Bank of Houston, is expected to last four to six weeks. The receiver is expected to ask the jury to award damages of between $4 billion and $10 billion against the three. The number of lawyers who have made appearances in the litigation is in the hundreds, as the banks and dozens of other large corporations, such as Lloyd’s of London and BDO USA, hired some of the top law firms in the U.S. in an all-out effort to keep the cases from reaching trial.
On Tuesday, senior U.S. District Judge Kenneth Hoyt of Houston is expected to tell Baker Botts partner Kevin Sadler, the lead lawyer for the receiver and the investors committee, to do just that. Sadler and Janvey have won smaller but important victories, too. They recovered $8 million from the seizure of airplanes and two yachts owned by Stanford, liquidated $14.5 million in assets located in Panama, Peru and Ecuador, and got another $2.3 million from coins, furniture and other equipment owned by Stanford.
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