Banc of California Inc. can settle a class action accusing it of misleading investors about ties to a securities fraudster after a California federal district judge granted preliminary approval.
The bank agreed to pay more than $19.7 million to end the suit. The settlement appears “overall fair, reasonable, and appropriate” at this stage, Judge Andrew J. Guilford of the U.S. District Court for the Central District of California said Dec. 4.
The investors sued in 2017 after anonymous online reports linked the bank and former CEO Steven A. Sugarman, who was initially named as a defendant in the suit, to ...
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