US Century Bank Gets Claims Trimmed From Investor Suit

Law360, Miami (October 29, 2013, 10:33 PM EDT) -- A Florida state judge on Monday dismissed direct claims in two companion suits filed by shareholders against Miami-based U.S. Century Bank and its executives, but denied the defendants' motion to dismiss derivative claims.

A group of eight minority shareholders brought the suits against U.S. Century Bank, claiming the defendants depleted the bank's capital through insider dealings, mismanagement and waste of taxpayer funds for personal benefit. U.S. Century Bank is now the largest undercapitalized bank in the country and minority shareholders' investments have lost 98 percent of...
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