S&P Global Market Intelligence rounds up a selection of recent legal and regulatory developments in the bank space.
* Astoria Financial to settle lawsuits over Sterling Bancorp deal
Lake Success, N.Y.-based Astoria Financial Corp. entered into an agreement in principle to settle several lawsuits filed over its pending deal with Montebello, N.Y.-based Sterling Bancorp, according to a Form 8-K filed June 8.
* DOJ: Appellate court should revise analysis on whistleblower suit vs. Wells
The Department of Justice filed a friend-of-the-court brief in a lawsuit filed by two former Wells Fargo & Co. employees against the bank, The New York Times reported June 6.
* BofA pays construction company $37M to settle securities-related suit
Bank of America Corp. paid Tutor Perini Corp. $37 million in cash to settle litigation filed by the construction company in 2011, related to its purchase of certain auction-rate securities from BofA, according to a Form 8-K filed by Tutor Perini.
* Pinnacle Financial Partners, BNC Bancorp facing deal-related suit
BNC Bancorp, the members of its board and Pinnacle Financial Partners Inc. are facing a putative class action complaint in connection with the pending transaction between the two companies.
* Appeals court: LA mortgage discrimination suits against BofA, Wells lack merit
The U.S. 9th Circuit Court of Appeals said the mortgage discrimination lawsuits filed by the City of Los Angeles against BofA and Wells Fargo lacked merit, Los Angeles Times reported May 30.
* In Florida, Grow Financial FCU sues GTE FCU over stolen confidential data
In Tampa, Fla., Grow Financial Federal Credit Union is suing a former employee and GTE Federal Credit Union for allegedly conspiring to steal private member information and trade secrets from Grow Financial, the Credit Union Journal reported.