Insurance companies for a bank used in a $1.2 billion Ponzi scheme are exempted from covering $25 million of the bank’s settlement with some of the parties, a federal appeals court has ruled.
The decision by the U.S. Court of Appeals for the Eleventh Circuit came more than seven years after high-flying Florida lawyer Scott Rothstein pleaded guilty to federal charges stemming from a scheme that defrauded hundreds of investors.
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