Can anyone recall another example of a massive fraud where lawyers for investors got back so much $$$$ on behalf of their clients?
I can't think of one:
Bank of America has settled a lawsuit filed by investors in disbarred attorney Scott Rothstein's $1.2 billion Ponzi scheme who claimed the bank knew about the fraud.
The confidential settlement was announced in Broward Circuit Court on Wednesday but has not been signed by the parties. The announcement came with a six-week trial scheduled to start Monday.
The settlement was confirmed by co-lead counsel Harley Tropin of Kozyak Tropin & Throckmorton in Coral Gables. William Scherer of Conrad & Scherer in Fort Lauderdale, co-lead plaintiffs lawyer, declined comment, saying the settlement is not yet final.Wait a second -- Bill Scherer declined comment?
Eighty investors last year sued for $389 million plus punitive damages, claiming the bank knew of the settlement financing fraud but deliberately kept quiet about it.
A Bank of America spokesman confirmed the settlement Friday but had no comment on it.
Now THAT'S newsworthy!
Congrats to the trial team!!!