Customers Bancorp Solo-Share Investor Drops Class Action Bid

A Customers Bancorp Inc. shareholder dropped putative class claims alleging the bank hid deficiencies in its anti-money laundering practices after he failed to be named lead plaintiff in the case.

Investor Chun Yao Chang filed notice with the US District Court for the Eastern District of Pennsylvania he was voluntarily dropping his lawsuit against the holding company of Customers Bank on Tuesday, two days before a scheduled status conference. Judge Juan R. Sánchez in June ended Chang’s hopes of leading a class of investors in his suit, which also alleged the bank understated heightened compliance risks from its digital asset ...