The Supreme Court is considering shutting down class-action lawsuits from investors who lost billions in former Texas tycoon R. Allen Stanford's massive Ponzi scheme.
Justices listened to lawyers argue over whether lawsuit should proceed against individuals, law firms and investment companies that allegedly aided Stanford's fraud.
He was sent to prison after being convicted of what prosecutors termed a US$7.2 billion Ponzi, or pyramid, scheme on investors.
A lawyer for the defendants in the class-action suits said the lawsuits are blocked by the federal Securities Litigation Uniform Standards Act.
But others argue the investment scheme is not covered by the law because the main part of the fraud involved certificates of deposit, not stocks and other securities.
Justices will make a ruling sometime next year.
Goldman Sachs names Zoellick as adviser
Goldman Sachs has appointed former World Bank Group President Robert B. Zoellick as an adviser.
Zoellick, who will be based out of Washington DC, will be chairman of the firm's international advisers. He will advise Goldman Sachs Group Inc on global strategic issues and oversee 16 international advisers.
Zoellick was president of the World Bank Group for five years, with that term ending in June 2012. Prior to that, he served as vice-chairman, international for Goldman Sachs from 2006 to 2007.
During the past year Zoellick was a distinguished visiting fellow at the Peterson Institute for International Economics and senior fellow at the Belfer Center for Science and International Affairs at Harvard University.