US Century Bank Stock Conversion Lawsuit Returns to State Court

US Century Bank’s current and former directors will face claims related to the 2021 conversion of non-voting shares to voting shares in Florida state court, following the suit’s remand by a US District Court for the Southern District of Florida judge.

The case, which alleges that the board acted in its own self-interest by swapping out preferred stock for common stock through a series of transactions that were harmful to investors, was previously removed to federal court under Class Action Fairness Act jurisdiction.

On Tuesday, Judge Cecilia Altonaga granted investors’ request to remand the case to the Eleventh Judicial Circuit ...