June 15, 2018 / 12:11 AM / 6 months ago

Judge dismisses shareholder lawsuit against Banc of California

A federal judge in California has dismissed a shareholder lawsuit accusing board members and executives at Banc of California of being negligent in their response to a scandal over the bank’s alleged ties to a convicted Los Angeles fraudster.

In a decision on Wednesday, U.S. District Judge Cormac Carney in Santa Ana said shareholder Kristopher Gordon of Georgia cannot sue because he did not first bring his claims to the bank’s board, as required by federal Rules of Civil Procedure for “derivative” lawsuits filed on a company’s behalf.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2JRCyUG

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