Commonwealth Investor Suit Says Execs Hid Financial Woes

Law360, Los Angeles (February 06, 2013, 9:51 PM ET) -- Top executives at Commonwealth Bankshares Inc., the holding company for the now-defunct Bank of the Commonwealth, were hit with a proposed class action Wednesday by an investor who says they fraudulently concealed the bank’s financial information, resulting in the indictment of six insiders.

Wednesday’s securities complaint, filed in Virginia federal court by shareholder Aaron Masterson, comes less than a month after the U.S. Securities and Exchange Commission sued the bank’s former top managers, Edward J. Woodard, Cynthia A. Sabol and Stephen G. Fields, for allegedly violating...
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Case Information

Case Title

Masterson v. Commonwealth Bankshares et al

Case Number



Virginia Eastern

Nature of Suit



Mark S. Davis

Date Filed

February 6, 2013


Law Firms Mentioned

Companies Mentioned

Government Agencies Mentioned

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