US Century Bank Seeks To Toss Shareholders' Direct Claims

Law360, Miami (August 23, 2013, 6:57 PM EDT) -- Defendants told a Florida state judge Friday he should dismiss direct claims filed by shareholders against U.S. Century Bank and its executives because the plaintiffs lack standing and their claims of waste and mismanagement by bank directors represent a “classic derivative suit.”

Attorneys representing the Miami-area bank, its directors and executives, and a group of minority shareholders crowded into Circuit Judge John W. Thornton's chambers to debate whether the plaintiffs can bring direct claims against the bank's directors for breach of their shareholder agreements or if...
To view the full article, register now.