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Gibraltar Bank’s Rothstein defenses | South Florida Business Journal: "Gibraltar is being sued for $60 million in the bankruptcy of Rothstein’s now-defunct law firm, Rothstein Rosenfeldt Adler. The bank filed a motion Monday, asking that the case be moved out of bankruptcy court and into federal district court.
The motion, written by attorneys for Gibraltar at Tew Cardenas LLP in Miami, is a real gem. Basically, the bank says that a district judge would be better to decide the kind of issues at stake in the suit, including: “Whether the banking laws and regulations at issue provide a private right of action to banking customers when a federal banking regulation – such as provisions of the Patriot Act designed to safeguard the United States from terrorists and criminals – is not strictly complied with by a banking institution. Gibraltar submits that there is no such private right of action.”
It almost sounds as if Gibraltar admitted that it doesn’t follow federal regulations about money laundering controls."
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