Shareholders of the now bankrupt Sterling Financial have agreed a settlement of their lawsuit against the banking company for a reported $10.25 million. The settlement is subject to court approval
The settlement address the losses suffered by common stock shareholders between April 2004 and May 2007.
The class-action lawsuit consolidated 9 separate lawsuits, each of which alleged that Sterling's stock price was artificially inflated by Sterling's "false and misleading statements" in violation of federal securities laws. The lawsuits were filed against Sterling; its lead bank, Bank of Lancaster County; their new owner, PNC; Equipment Finance; and 7 executives of Sterling and Equipment Finance.
MARCH-05-09: $10.25M settlement on Sterling lawsuit [LANCASTER ONLINE: $10.25 MILLION STERLING SETTLEMENT]
