News

Plaintiffs Suing TD Bank Unlikely to Accept Proposed Rothstein Settlement

By Brian Monroe

Plaintiffs suing Toronto Dominion Bank over its ties to a convicted Ponzi schemer will likely reject a proposed comprehensive settlement that would grant the institution immunity from future litigation, say attorneys. On June 6, New York-based hedge fund Platinum Partners Value Arbitrage Fund disclosed a $70 million settlement with the Canadian bank, which counted former Miami attorney Scott Rothstein as a client until his indictment in 2009 for running a $1.2 billion scheme to bilk investors. The New York group claimed TD Bank bore responsibility for maintaining nearly 40 accounts for Rothstein. In February, the trustee handling the bankruptcy of...

TO READ THE FULL STORY