Strasburger & Price and Castillo Snyder File $1.6 Billion Class Action Suit Against Stanford Financial Group’s UK-based Insurance Broker Willis Group Holdings Ltd. on Behalf of Venezuelan Depositors

Business Wire, August 06, 2009

Class Action Suit Alleges Participation of Willis Group and Other Defendants in Stanford Financial Group Fraud

DALLAS -- Strasburger & Price, LLP and Castillo Snyder, PC today filed a class action lawsuit in U.S. District Court against Willis Group Holdings Ltd. (Willis) (NYSE:WSH), a UK-based global insurance broker with more than 400 offices in nearly 120 countries, and other defendants. The suit, filed on behalf of a class of Venezuelan depositor clients of Houston-based Stanford Financial Group (Stanford Financial), also names Willis of Colorado, Bowen, Miclette & Britt, Inc. of Houston, and two individuals.

The class action, filed in federal court in Dallas, TX, seeks damages totaling approximately $1.6 billion for more than 1,200 depositors with the potential to include as many as 5,000 depositors impacted in the Stanford Financial fraud. This is the second suit filed on behalf of Latin American depositors by Strasburger & Price and Castillo Snyder. On July 2, 2009, the first of the two suits was filed on behalf of Mexican depositors seeking $1 billion in damages against Willis and the defendants.

In line with the previous case, today’s filing alleges Texas securities law violations by Willis and the codefendants in the massive investment fraud scheme perpetrated by Stanford Financial that led to the intervention by the Securities and Exchange Commission in Texas.

Strasburger Partners Edward F. Valdespino and David Cibrian will serve as lead attorneys for the plaintiffs in the case.

“This additional class action filed on behalf of depositors in Latin America illustrates the breadth and depth of the financial damage inflicted by Stanford Financial, and the extent to which it went beyond U.S. borders,” says Valdespino. “In just these two cases combined, we have identified thousands of defrauded Stanford clients with losses now totaling over $2.6 billion. Our allegations are consistent with those expressed in the first suit filed, as is our commitment to recovering financial assets and holding the defendants liable for their alleged role in marketing for Stanford.”

The 50-page filing alleges that Willis and the codefendants provided Stanford Financial with certain “safety and soundness” letters at Stanford’s request. It further alleges that the clear intention of the letters was that they be used for marketing purposes to retain or obtain actual or prospective clients for Stanford Financial.

The suit also alleges the defendants’ direct participation in the fraud crossed the line from the role of insurance brokers, to acting as sales agents for Stanford Financial and its deposit products. The suit further alleges that these actions convinced depositors located throughout Latin America to invest with Stanford Financial and in turn caused them to be defrauded by the firm, losing assets totaling several billion dollars.

Mr. Valdespino is a veteran trial lawyer whose practice focuses on complex commercial litigation.

Mr. Cibrian participates in a broad range of domestic and international negotiated transactions and serves as the Chair of Strasburger's International Practice.

About Strasburger & Price, LLP:

Strasburger & Price, LLP is a full-service law firm with offices in Austin, Collin County, Dallas, Houston, and San Antonio, Texas, New York City, Washington, D.C., and, through Strasburger & Price, S.C., Mexico City. Strasburger serves as a trusted adviser to publicly and privately held companies, entrepreneurs, governmental entities and individuals. Our attorneys represent a variety of companies including start up, middle market and international corporations. For more information about Strasburger, please visit www.Strasburger.com.