WILMINGTON, Del. (Legal Newsline) – Stockholders allege that current and former officers and directors of AmTrust Financial Services breached their fiduciary duties

City of Lauderhill Police Officers' Retirement Plan and Pompano Beach Police & Firefighters' Retirement System, derivatively on behalf of nominal defendant AmTrust Financial Services Inc., filed a complaint on June 28 in the U.S. District Court for the District of Delaware against Barry D. Zyskind, George Karfunkel, Leah Karfunkel, Abraham Gulkowitz, Donald T. Decarlo, Susan C. Fisch, Raul Rivera and Ronald E. Pipoly Jr. citing the Exchange Act.

According to the complaint, the plaintiffs are stockholders of AmTrust Financial Services and allege that the defendants have a long-running, systemic and fraudulent practice of understanding AmTrust's loss reserves and overstating its revenue and net income.

The plaintiffs request a trial by jury and seek damages, injunctive relief, restitution, compensatory damages, all legal fees and any other relief as the court deems just. They are represented by Jay W. Eisenhofer, Michael J. Barry and Kyle J. McGee of Grant & Eisenhofer P.A. in Wilmington, Delaware, and by lawyers from Bernstein Litowitz Berger and Grossman LLP in New York.

U.S. District Court for the District of Delaware case number 1:17-cv-00843-UNA

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U.S. District Court for the District of Delaware
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