Tuesday, February 28, 2012

$170 Million Probably Meant the Bank Had Some Good Defenses!

Let's see, if the investors were seeking $186 million in losses (plus the potential for punis) and TD Bank settled for $170 million, I'm guessing the defense case for the bank didn't look too good:
The settlement, reached last week by the investors' Fort Lauderdale lawyer William Scherer, breaks down this way: TD agreed to pay the investors $100 million for their losses and $20 million in interest on their original claim amount. Their attorney's law firm, Conrad Scherer, will receive $50 million in fees.
Scherer is receiving $50 million?

It took a while, but Rothstein finally did something good for his fellow lawyers.


Anonymous said...

Its time to examine the strange settlement between the Scott Rothstein bankruptcy estate and Gibraltar Bank. The actual cost to GB is only a few million!

Is it a coincidence that the lead bankruptcy attorneys are Berger Singerman and that Berger Singerman insiders partnered with Rothstein to buy Gibraltar?

Berger Singerman insiders, and their friends who invested with them and Rothstein in Gibraltar, would lose many millions to the Rothstein victims if not for the controversial self serving bankruptcy settlement provision barring Rothstein victims from suing Gibraltar and anyone connected to it.

Anonymous said...

Stearns to the rescue!!

Anonymous said...

Stearns folded, SFL.

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