ES Bankest LC

Three offshore-based businesses are suing a Florida law firm for more than $140 million in damages, alleging professional malpractice concerning a failed factoring business.A civil lawsuit was filed on August 10, 2005 at the U. S. District Court for the Southern District of Florida by Banco Espirito Santo International Ltd., incorporated in the Cayman Islands; ESB Finance Ltd., incorporated in the British Virgin Islands; and Banco Espirito Santo SA (Nassau Branch), a Portuguese corporation. Defendants are Gunster, Yoakley & Stewart PA, a law firm incorporated in Florida, and Mark Scheer, a Florida resident and shareholder of GY&S. Causes of action are professional malpractice, and negligent misrepresentation.

A Cayman Islands-licensed bank is being sued in the United States following the collapse of an accounts receivable factoring group.Far from being a victim of the now insolvent E. S. Bankest Group, Bank Espirito Santo International Ltd. participated with it in a fraudulent scheme, it has been alleged.

A Cayman Islands-licensed bank is suing a Florida-based accounts receivable factoring company which has allegedly defaulted on loans totaling $170 million.Bank Espirito Santo (International) Ltd., which is part of the Portugal-based Espirito Santo Group, filed a civil lawsuit against E. S. Bankest LC at the U. S. District Court for the Southern District of Florida on August 6, 2003.