Gibraltar Private Bank and Trust Co. has agreed to a multimillion dollar settlement with trustees in the Rothstein Rosenfeldt Adler federal bankruptcy case, to resolve claims related to convicted Ponzi schemer Scott Rothstein.

The agreement, which still must be approved by the bankruptcy court, is contingent upon the court’s approval of orders that would bar any other claims against the bank, said Adolfo Henriques, Gibraltar Private’s vice chairman and president.

A separate suit seeking $200 million in claims against multiple defendants, including Gibraltar, plus punitive damages, filed by the largest victim group in the Rothstein scandal, is scheduled for trial in Broward Circuit Court on March 1, said attorney William Scherer, who represents the victims.

Two additional suits against the defendants, including Gibraltar, are still pending.

If the settlement with the trustees is approved in bankruptcy court, the plaintiffs in those suits would recover funds through the bankruptcy process, said Gene Stearns, chairman of Stearns Weaver Miller, which represents Gibraltar.

“If approved by the bankruptcy court, it will end all litigation against Gibraltar rising from the Rothstein matter,” Stearns said.

As part of the settlement with the trustees, Gibraltar will pay the trustees $10 million, and two of Gibraltar’s insurers will pay an additional $10 million, the bank said. In addition, Gibraltar has assigned to the trustees a claim in the amount of $50 million against Gibraltar’s liability insurers, which Gibraltar and the trustees allege wrongfully denied insurance coverage.

“The agreement is really a solution so that we can stop the protracted litigation, which is very costly, and, quite frankly, allows us to focus once again on what we do, which is taking care of the financial needs of our clients,” Henriques said.

The bank has spent millions in attorney’s fees already, he said.

Gibraltar’s attorneys filed the agreement Thursday, reached between Gibraltar and trustees for the Rothstein Rosenfeldt Adler, P.A. estate, the Banyon estate and Banyon Income Fund.

Attorneys have requested a hearing in bankruptcy court regarding the settlement by the end of February.

Rothstein had invested $5 million in Gibraltar when it went private, and his firm held accounts with the bank.

The lawsuit filed by the separate group of plaintiffs alleged that Gibraltar executives routinely covered up for Rothstein’s overdrafts, sometimes in the hundreds of thousands of dollars, and that the Ponzi scheme could not have flourished without their help.

Rothstein had a close relationship with some of the bank executives and used his influence, and large deposits, to get his way, the suit said.

Rothstein, 49, is serving a 50-year prison sentence for racketeering, money laundering and fraud for running his $1.4 billion investment scheme, which collapsed in fall 2009. Prosecutors have said they are working toward an indictment of his top co-conspirators.

So far, seven other people who helped Rothstein carry out aspects of his fraud have been charged and taken plea deals.

Last month, Toronto-Dominion Bank lost a $67 million jury verdict over claims it helped Rothstein by telling victims their money was safe as he depleted accounts. A jury in federal court in Miami returned the verdict in a lawsuit brought by Coquina Investments, based in Corpus Christi, Texas.

This report was supplemented by material from the South Florida Sun Sentinel and Bloomberg News.