AmTrust Faces New Suit Over Alleged False Accounting Scheme
Two Florida-based pension funds have enlisted attorneys from Grant & Eisenhofer in a Delaware derivative suit accusing the directors of AmTrust Financial Services Inc. of enabling a massive scheme to report false financials.
June 30, 2017 at 03:29 PM
10 minute read
Two Florida-based pension funds have enlisted attorneys from Grant & Eisenhofer in a Delaware derivative suit accusing the directors of AmTrust Financial Services Inc. of enabling a massive scheme to report false financials.
The suit, filed Wednesday in the U.S. District Court for the District of Delaware, was the latest to take aim at the directors of the New York-based insurance firm or the company itself over an alleged accounting scheme that drained stockholder value and caused the company to restate nearly three years of financial results. AmTrust is also the subject of three separate government investigations.
In the Delaware federal suit, the City of Lauderhill Police Officers' Retirement Plan and Pompano Beach Police & Firefighters' Retirement System say that the company's board purposely ignored warning signs that the company was manipulating its financials and basically functioning as a “piggy bank” for the firm's founding family.
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