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Legal briefs: CenterState, Sunshine Bancorp facing deal-related suit


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Legal briefs: CenterState, Sunshine Bancorp facing deal-related suit

S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.

* CenterState, Sunshine facing merger-related suit

A putative class-action suit was filed against Sunshine Bancorp Inc. and its board for alleged breach of fiduciary duty in connection with its acquisition by CenterState Bank Corp. CenterState was also named a defendant for allegedly aiding said breach.

* Del. Attorney's Office, Wilmington Trust reach $60M settlement

Wilmington, Del.-based Wilmington Trust Corp. has reached a $60 million settlement with the U.S. Attorney's Office for the District of Delaware, resolving the latter's claims of financial statement fraud. Wilmington Trust is a unit of M&T Bank Corp.

* Pacific Western pays nearly $1.8M to settle case against acquired bank

Beverly Hills, Calif.-based Pacific Western Bank paid nearly $1.8 million to settle allegations that First California Bank, a bank it acquired in 2013, facilitated the embezzlement scheme of a former Democratic campaign treasurer, the Associated Press reported Oct. 6. Pacific Western Bank parent PacWest Bancorp completed its acquisition of First California Financial Group Inc. in 2013.

* Va. CUs sued over websites' inaccessibility to the visually impaired

In Virginia, Richmond-based Cadmus Credit Union Inc. and Virginia Credit Union Inc., Chesapeake-based ABNB FCU, Roanoke-based Blue Eagle CU and Member One FCU, Alexandria-based NRL FCU, Falls Church-based Arlington Community FCU, Henrico's Henrico FCU and Tysons-based Pentagon FCU were sued for failing to make their websites accessible to the visually impaired, the Credit Union Times reported Oct. 5. NRL has reportedly resolved its part of the lawsuit.

* Judge rejects BofA's settlement over wrongful foreclosure

Bankruptcy Judge Christopher Klein rejected the proposed settlement that would end Bank of America Corp.'s yearslong dispute over a foreclosed property in California, The Wall Street Journal reported Oct. 5.

* Judge: 'Implausible' that Wells Fargo board, execs were unaware of fraud

U.S. District Judge Jon Tigar on Oct. 4 dismissed insider trading-related claims against Wells Fargo & Co. CEO Tim Sloan, Chief Risk Officer Michael Loughlin, former CEO John Stumpf and former community banking head Carrie Tolstedt.

* IBERIABANK to accrue $5.7M more for lawsuit settlement, discloses other charges

Lafayette, La.-based IBERIABANK Corp. has agreed to pay $11.7 million to resolve a lawsuit brought by two former IBERIABANK Mortgage Co. associates.

* Judge dismisses CEO job applicant's discrimination suit vs. NY credit union

U.S. District Judge Joseph Bianco dismissed the civil lawsuit filed against Nassau Financial FCU by Sean Jelen, who accused the Westbury, N.Y.-based credit union of rescinding a CEO job offer after learning he had Crohn's disease, the Credit Union Times reported Oct. 4.