Stanford victims' lawsuit granted class action status

BATON ROUGE, LA (WAFB) - A lawsuit against Stanford Financial Group was given class action status Wednesday.

District Court Judge Mike Caldwell agreed the plaintiffs have enough in common to move forward with the class action suit.

86 people are suing Stanford Financial and the state's Office of Fiscal Institutions.  The suit claims the state ignored Stanford's worthless certificates of deposit for four years.

Stanford collapsed in 2010 after it was discovered that the firm's investments were bogus.

Copyright 2012 WAFB. All rights reserved.