TD Bank Pays $67 Million to Defrauded Investment Group
Posted February 27, 2015 in News
Following multiple appellate losses before the United States Court of Appeals for the Eleventh Circuit and additional motion practice in the United States District Court for the Southern District of Florida, TD Bank has now paid the $67 million judgment against it for its participation in Scott Rothstein’s $1.2 billion Ponzi scheme. A Miami federal jury awarded $32 million in compensatory damages and $35 million in punitive damages over three years ago.
Jason B. Savitz was a member of the litigation and trial team that tried the case before a Miami federal jury. The case – the largest Ponzi scheme in Florida history and among the largest ever in the United States – was the first and only case to be tried against Rothstein and TD Bank. The landmark verdict was among the top 40 largest verdicts in the United States in 2012.