Tuesday, January 26, 2010

1 millliooooon dollars

While Scott Rothstein's alleged $1.2 billion Ponzi scheme has proved a tragedy to hundreds of former employees, creditors and investors, it has been a boon to one group -- South Florida's lawyers.
According to experts, when all is said and done, the case will result in legal fees topping $15 million. That figure includes fees to the receiver, Herb Stettin; the two law firms he hired to assist him; a cadre of lawyers and firms hired by creditors and the attorney for the creditors' committee; defense fees for banks, insurance companies and other sued parties; and fees paid to all the criminal defense lawyers hired by Rothstein partners, associates and family members.
``This is like the lawyer's relief act,'' said Guy Lewis, a Miami attorney and former U.S. attorney who has served as receiver in numerous Ponzi/fraud cases. ``It's going to be an eight-figure case. It's probably the biggest receivership in the country right now.''

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