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Stanford Victims Go After Entire Nation

It looks like we're taking the fraud lawsuits up a notch to the sovereign level. CNBC is reporting that a $24 billion class action lawsuit has been filed against the nation of Antigua (2007 GDP: $1.2 billion) in connection with Sir Allen's dealings. The lawsuit alleges that in light of the size and scope of the fraud, the Antiguan government simply had to been in on it. If that is really the standard being set today, the SEC might want to make a couple deposits into its 'Madoff legal reserve' fund.