BofI Holding Inc. investors—who accused the holding company for the former Bank of Internet of falsely portraying itself as a safer investment than it was—convinced a federal judge in Southern California to grant them class certification on Tuesday.
Those who bought stock in BofI, a holding company for the bank now known as Axos Financial or Axos Bank, accused the company of misleading them about its purportedly conservative loan underwriting standards, as well as internal controls and its compliance structure. The court consolidated several similar cases and, in 2016, appointed Houston Municipal Employees Pension System as lead plaintiff.
The court ...
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