Court orders SocGen to relinquish $150m deposited by fraudster Allen Stanford

Societe Generale was reprimanded by a Swiss court and ordered to give up $150m deposited by convicted fraudster Allen Stanford that it had fought for nearly a decade to keep.

The Swiss decision marks an important victory in the Stanford liquidators’ battle to recover money the businessman stashed abroad. The $150m represents close to half of the $330m that Stanford was found to have hidden in 29 foreign bank accounts. Though the bank’s name was redacted from the decision, as is common in Swiss court rulings, the liquidators have said the case revolves around the Paris-based bank.

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