Rothstein Victims Balk At $70M Gibraltar Bank Settlement

Law360, New York (February 23, 2012, 7:45 PM EST) -- Victims of attorney Scott Rothstein's $1.2 billion Ponzi scheme objected Wednesday to a $70 million settlement with Florida's Gibraltar Private Bank & Trust over its alleged role in the scheme, saying a provision barring other suits against Gibraltar exceeds the bankruptcy court's jurisdiction.

Razorback Funding LLC and others who say they lost a total of $160 million in the scam asked a Florida federal court to withdraw the Feb. 16 settlement proposal from the bankruptcy court, saying that under last year's U.S. Supreme Court ruling in...
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