- Associated Press - Wednesday, April 2, 2014

FORT LAUDERDALE, Fla. (AP) - Investors in the $1.2 billion Ponzi scheme operated by former Florida lawyer Scott Rothstein have sued Bank of America and some of its employees.

The investors seek $385 million in damages in a pair of lawsuits in Broward County Circuit Court. They claim the bank and four employees assisted Rothstein in committing the fraud, which involved investments in confidential legal settlements that were fakes.

Investors have won similar lawsuits against T.D. Bank and other institutions. Bank of America spokesman Bill Halldin said Tuesday the claims were baseless and the bank would defend itself.

Rothstein is serving a 50-year prison sentence after pleading guilty to operating the fraud scheme. More than a dozen others have been sent to prison and Rothstein’s former law partner is set to plead guilty Friday.



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