NEW YORK--(BUSINESS WIRE)--Level 3 Capital Funds, LP, and Principal Ari Glass have announced a successful final settlement in their lawsuits with TD Bank.
This ends all significant litigation arising from losses investors as a result of dealings with ex-Fort Lauderdale, Fla., attorney Scott W. Rothstein.
“This closes a difficult chapter, but our investors prevailed in the end, with a full recovery on losses plus attorneys’ fees,” said Glass, principal of the Manhattan-based fund.
“This kind of full recovery is rare in this business, and we are thankful for our investors’ continued confidence,” Glass continued.
The private settlement was part of a broader agreement between TD Bank and Platinum Partners Value Arbitrage Fund, L.P., and related hedge-fund entities, including the Level 3 funds. The entities stand to receive up to $70 million from TD Bank and other sources.