“I am asking you to intervene and ensure that any potential attorneys’ fees in this settlement are fair and reasonable. It is important to remember that this money comes from the victims of the Stanford Ponzi scheme, many of whom are retirees from Louisiana and throughout the U.S.”
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today wrote to Securities and Exchange Commission (SEC) Chairman Gary Gensler about protecting compensation due the victims of the Stanford Ponzi scheme.
“I am concerned about the potential amount of attorneys’ fees that could be awarded as part of this settlement, which I believe could be excessive and unfair,” wrote Kennedy.
“Given the SEC’s role in overseeing financial institutions and ensuring that justice is served in financial matters, I am asking you to intervene and ensure that any potential attorneys’ fees in this settlement are fair and reasonable. It is important to remember that this money comes from the victims of the Stanford Ponzi scheme, many of whom are retirees from Louisiana and throughout the U.S. These individuals have already suffered significant financial losses who after all this time deserve to see a fair and just resolution to this matter,” he explained.
Kennedy noted that this is a time-sensitive issue because some lawyers have already requested expedited compensation.
The full letter is here.