Monday, 30 May 2016
Last updated 2 days ago
Jun 11 2013 | 10:35am ET
Hedge fund Platinum Partners has won a $70 million settlement from Ponzi schemer Scott Rothstein's primary bank.
TD Bank agreed to cover the $26 million that Platinum owes to the Rothstein bankruptcy estate. It will also pay Platinum $18 million, the hedge fund's president, Uri Landesman, said.
"What we're getting here is all of our losses, plus what we owed the RRA estate, plus all of our legal fees," he said.
"This totally vindicates Platinum, as we were victims of Rothstein's fraud," he added. We have always believed that it would be in our investors’ best interests to exhaust all of our legal options in pursuit of financial recovery. This settlement ensures that our investors will be made whole, an outstanding and just outcome for all our stakeholders."
Platinum invested in Rothstein's fraud through a feeder fund, Banyon Investments.