Kenneth Rijock

Kenneth Rijock

Saturday, July 15, 2017

ELEVENTH CIRCUIT AFFIRMS DISMISSAL OF GIBRALTAR BANK INSURANCE COVERAGE IN SCOTT ROTHSTEIN PONZI CASE

The lower court decision, which denied insurance coverage, involving alleged misconduct of executives of Gibraltar Private Bank and Trust Company, where convicted billion dollar Ponzi schemer Scott Rothstein banked, was affirmed by the Eleventh Circuit. Rothstein is presently serving a 50-year sentence, in Federal Prison, for his crimes.

The US District Court, Southern District of Florida, ruled that the "professional services exclusion" provision, contained in liability insurance policies held by the bank, barred a suit against the insurers. readers who wish to review the complete text of the 11th Circuit Court of Appeals decision can access it on the Court's website, here. The style of the case is Robert Furr vs. National Union Fire Insurance Company of Pittsburgh, Pa.

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