Trustees In Rothstein Case Ink $70M Bank Settlement

Law360, Washington (February 17, 2012, 7:12 PM ET) -- A Florida bank has reached a tentative $70 million settlement with three bankruptcy trustees stemming from the bank's involvement in a $1.2 billion Ponzi scheme orchestrated by attorney Scott Rothstein, according to a court filing Thursday.

Gibraltar Private Bank & Trust and its insurers agreed to pay $20 million upfront with an additional $50 million on the line to trustees of Rothstein's now-defunct law firm, Rothstein Rosenfeldt Adler PA and two bankrupt investment funds, Banyon 1030-32 LLC and Banyon Income Fund LP, according to the motion...
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