Brief: Sterling Bancorp Plea Agreement With DOJ Receives Final Court Approval

STERLING BANCORP

19/07/2023 23:22

July 19 (Reuters) - Sterling Bancorp Inc  SBT.O :
    * STERLING BANCORP, INC. PLEA AGREEMENT WITH DOJ RECEIVES
FINAL
COURT APPROVAL
    * STERLING BANCORP INC - SENTENCE ISSUED BY COURT REQUIRES
COMPANY
TO PAY $27.2 MILLION IN RESTITUTION FOR BENEFIT OF NON-INSIDER
VICTIM SHAREHOLDERS
    * STERLING BANCORP-RESOLUTION RELEASES CO, BANK FROM FURTHER
PROSECUTION FOR SECURITIES FRAUD AND UNDERLYING MORTGAGE FRAUD
IN ADVANTAGE LOAN PROGRAM
    * STERLING BANCORP-CO,DOJ ENTERED INTO PLEA AGREEMENT ON
MARCH
15,RESOLVING DOJ'S INVESTIGATION FOCUSED ON BANK'S ADVANTAGE
LOAN PROGRAM,RELATED ISSUES
    * STERLING BANCORP INC - RESTITUTION AMOUNT WILL BE
ADMINISTERED
BY A SPECIAL MASTER TO BE APPOINTED BY COURT
    * STERLING BANCORP-COURT SENTENCE REQUIRES CO TO FURTHER
ENHANCE
ITS COMPLIANCE PROGRAM & INTERNAL CONTROLS WITH RESPECT TO
SECURITIES LAW COMPLIANCE
    * STERLING BANCORP - RESOLUTION RELEASES CO, BANK FROM
FURTHER
PROSECUTION FOR SECURITIES FRAUD, UNDERLYING MORTGAGE FRAUD IN
ADVANTAGE LOAN PROGRAM

Source text for Eikon:  ID:nBwbSLffga 
Further company coverage:  SBT.O 

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