The highest court in the land has no time—at least not yet—to hear why Argentina’s president thinks she shouldn’t have to pay her country’s bills. Instead, the Supremes will entertain themselves with the endlessly-amusing R. Allen Stanford story, and whether or not people who lost money with him can sue people who are not him.
The court will hear oral arguments on the first day of its 2013-14 term to decide whether Mr. Stanford’s victims should be allowed to sue third parties such as law firms and insurance brokers on allegations that they aided Mr. Stanford’s scheme.
Advocates for the defendants warn that allowing such lawsuits could compromise congressional efforts to curb unwarranted litigation that affects securities markets.
Supporters of Mr. Stanford’s victims say Congress never intended to shield wrongdoers in cases where people were tricked into investing in bogus private offerings.
Stanford Ponzi Scheme Opens Supreme Court Term [WSJ]
Argentina Rejected by U.S. Court in Bond Payment Appeal [Bloomberg]
Argentina’s Standoff With Creditors Moves to Next Stage
Supreme Court Has Deep Docket in Its New Term [NYT]