Bank of Bermuda settles Cash 4 Titles litigation

The Bank of Bermuda has settled two lawsuits filed on behalf of victims of the Cash 4 Titles Ponzi scheme, whose losses have been estimated at up to $300 million.The settlement requires the bank to pay up to 50 per cent of “actual losses” suffered by participants in the Cash 4 Titles scheme, according to a press release issued on July 9, 2001 by the Bank of Bermuda.