Opinion

Felix Salmon

Antigua sued for $24 billion

By Felix Salmon
July 13, 2009

Latest piece of Stanford idiocy:

A group of R. Allen Stanford-run business investors sued the government of Antigua and Barbuda, claiming the Caribbean nation helped the financier…

The investors are seeking at least $8 billion in damages, which can be tripled under U.S. civil racketeering laws, and claiming the class could include tens of thousands of people.

The population of Antigua and Barbuda is 85,632; if a Texas jury awarded the full $24 billion, that would amount to $282,353 per person, or more than 20 times the country’s GDP. Luckily, thanks to the doctrine of sovereign immunity, this lawsuit is going to go nowhere fast.

Update: Stacy-Marie Ishmael adds her take.

Comments
4 comments so far | RSS Comments RSS

I’m not so sure. The country seems small enough for the Sanford Victims to form a small army, and seize the nation. Many of the victims are likely to own vessels that can be used to convey the army to Antigua and Barbuda. I think that this is legal as long as they fly the Pirate’s Flag. At the very least, they might be able to set up a naval blockade. They could also all arrive as tourists and take over the government. If I lived in Antigua and Barbuda, I’d be very worried. The Sanford Investors mean business.

 

And so do the Stanford Investors.

 

A tourist and trade boycott should be conducted until Antigua relinquishes all the ill gotten gains from Stanford.

As for that “sovereign” bit, their “army” is about 200 poorly trained and ill equipped troops. A dozen well trained mercenaries could take the place in an afternoon. I’m not sure that could be considered “sovereign” in any practical sense.

Posted by Pellucid | Report as abusive
 

What ill-gotten gains? Have you seen the roads in antigua? The gov’t doesn’t have 1 million dollars..let alone 24 billion. The few who conspired with him are under house-arrest awaiting flights back to the states, or are currently under investigation. A knee-jerk reaction to be sure..but the only ones who will make anything will be the lawyers..and it won’t be much at that.

Posted by Cyberia | Report as abusive
 

Post Your Comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
  •