Liberty Bell Investors Denied Bank Docs Due To Misconduct

Law360, New York (May 1, 2012, 7:43 PM EDT) -- A New Jersey appeals court on Tuesday backed the denial of a shareholder group's bid to inspect the records of Liberty Bell Bank, agreeing that shareholders, including an accused Ponzi schemer, improperly acted in concert to gain control of the bank.

The group, which holds more than 50 percent of Liberty Bell's shares, was challenging a 2010 decision from the New Jersey Department of Banking and Insurance rooted in a broader dispute over the bank's leadership and direction involving former Chairman Michael Kwasnik.

Kwasnik was targeted...
To view the full article, register now.