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.

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