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Legal briefs: Former Va. bank president not entitled to 'golden parachute' severance, court says

S&PGlobal Market Intelligence rounds up a selection of recent legal and regulatorydevelopments in the bank space.

The Federal Home Loan Bank of San Francisco has entered intosettlement agreements with certain defendants in connection with itsprivate-label mortgage-backed securities litigation for the gross aggregatesettlement amount of $265 million, according to a Form 8-K filed March 31.


California Attorney General Kamala Harris and fivedistrict attorneys announced an $8.5 million settlement with unit overaccusations of privacy violations, according to March 28 news release.


Bank ofAmerica Corp. and unit Merrill Lynch agreed to pay $14 million in settlementto resolve class-action lawsuits on behalf of approximately 9,500 trainees whosaid they were cheated of overtime pay.


The Supreme Court of Virginia on Jan. 14 reversed andvacated the Circuit Court for the City of Norfolk, Va.'s award of damages toformer Shore Bank President Scott Harvard, according to a Form 10-K filedMarch 25 by Hampton RoadsBankshares Inc., which acquired Shore in 2008.


A jury in federal court has found that Spokane,Wash.-based W.T.B. FinancialCorp. unit WashingtonTrust Bank is not liable for the refund of liabilities for a failedgolf course development in northern Idaho, the company said in a letter toshareholders.


A day after TierOne Bank's former CEO was to 11 years in prison, twoother former executives of the bank received prison sentences for their rolesin a fraud scheme, according to a release from the Office of the SpecialInspector General for the Troubled Asset Relief Program. , former president and COO,was sentenced to 34 months in prison. Don Langford, former chief credit officer, was sentencedto 21 months in prison. Both men had pleaded guilty to multiple felonies inconnection with the scheme, in which executives intentionally concealed morethan $100 million in losses.


St. Louis-based Pulaski Financial Corp. announced on March 24 that theCircuit Court of the County of St. Louis, Mo. dismissed the putative captionedPatel v. Douglass et al., related to the Champaign, Ill.-based .


FifthThird Bancorp has settled in federal court in Cincinnati aclass-action lawsuit filed by employees in connection with the company'sretirement plan, the Cincinnati BusinessCourier reported March 22.