Bank of Bermuda settles Cash 4 Titles lawsuit after losing jurisdiction ruling

The loss of a key ruling on the issue of jurisdiction seems to have been the catalyst behind the Bank of Bermuda's decision to settle two civil lawsuits for an amount not to exceed $67.5 million. An application for preliminary approval of a settlement agreement with victims of the Ponzi scheme known as Cash 4 Titles was filed with the U. S. District Court for the Southern District of Florida on July 3.