May 13, 2019 / 9:18 PM / 9 days ago

Creditors of First NBC Bank sue former executives, general counsel

The committee for unsecured creditors in the bankruptcy of New Orleans-based First NBC Bank has filed suit against the bank’s former executives and general counsel, alleging that they conspired to hide the bank’s precarious financing before its 2017 collapse.

Filed on Friday in New Orleans federal court, the lawsuit is seeking damages from the bank’s founder and former chief executive Ashton Ryan Jr, its former general counsel Gregory St. Angelo and other senior managers at the failed bank. Also named as a defendant is the bank’s outside auditor Ernst & Young, accused of malpractice and professional negligence for not stopping improper accounting that hid the bank’s true financial position.

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

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