London-based Willis Group Holdings Ltd. and Houston-based Bowen, Miclette & Britt Inc. have been named in a $1 billion class-action suit on behalf of Mexican investors in an alleged fraud organized by Stanford Financial Group.
Plaintiffs law firms Strasburger & Price L.L.P. and Castillo Snyder P.C. filed the suit July 2 in U.S. District Court in Dallas, alleging the two brokerages and other defendants violated Texas securities laws and went beyond acting as insurance brokers to become sales agents for Stanford Financial.
Stanford chief Allen Stanford was indicted in June for his role in an international $8 billion Ponzi scheme, similar to one conducted by Bernard Madoff, who was sentenced this week to 150 years in prison.
Willis declined to comment on the suit, and Bowen, Miclette & Britt did not return a call seeking comment.
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