Civil Litigation,
Banking
Nov. 10, 2017
Irvine bank settles shareholder suit for $17M
An Irvine-based bank has agreed to a $17 million proposed settlement in a suit that accused it of deceiving investors about its lending practices, including risk level and monitoring of loans it issued.
An Irvine-based bank agreed to pay $17 million to settle claims it deceived investors about risky lending practices that led to a significant number of loan charge-offs, plaintiffs’ lawyers announced Thursday.
“On behalf of the Arkansas Public Employees Retirement System and other members of the class, we are very pleased with this proposed settlement,” Steven J. Toll of Cohen Milstein Sellers & Toll PLLC said in a news release....
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