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BRIEF-Banc Of California - Entered MoU With Certain Lead Plaintiff To Settle Class Action Lawsuits Previously Consolidated In Court

Mon 23rd September, 2019 10:50pm
Sept 23 (Reuters) - Banc of California Inc  BANC.N :
    * BANC OF CALIFORNIA - ON SEPT 16, ENTERED MOU WITH CERTAIN
LEAD
PLAINTIFF TO SETTLE CLASS ACTION LAWSUITS PREVIOUSLY
CONSOLIDATED IN CALIFORNIA COURT
    * BANC OF CALIFORNIA INC - UNDER TERMS OF MOU, COMPANY'S
INSURANCE
CARRIERS WOULD PAY $19.75 MILLION
    * BANC OF CALIFORNIA INC - PLAINTIFF WOULD ALSO DISMISS ITS
CLAIMS
AGAINST COMPANY'S FORMER CHIEF EXECUTIVE OFFICER AND CHAIRMAN
STEVEN SUGARMAN
    * BANC OF CALIFORNIA INC - IF COURT PRELIMINARILY APPROVES
SETTLEMENT, MEMBERS OF CLASS WILL BE PROVIDED NOTICE AND AN
OPPORTUNITY TO OBJECT OR OPT OUT
    * BANC OF CALIFORNIA INC - COURT WILL SCHEDULE A FAIRNESS
HEARING
AT WHICH COURT WILL DETERMINE WHETHER SETTLEMENT SHALL BE
FINALLY APPROVED

Source text for Eikon: https://bit.ly/2myMf07
Further company coverage:  BANC.N 

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