Bank Of Internet Execs Beat Suit Over Whistleblower Probe
Law360 (May 24, 2019, 7:50 PM EDT) -- A California federal judge tossed a shareholder's derivative suit accusing Bank of Internet executives of misconduct that led to a costly internal investigation into a whistleblower's allegations of shady business dealings, ruling Thursday that the investor failed to show that the directors were culpable.
U.S. District Judge Gonzalo P. Curiel rejected investor Andrew Calcaterra's arguments that confronting the board of directors before filing suit, as federal rules require, would have been fruitless because the majority of the board was hostile, members were likely liable for breaching their duties and their compensation suggested their judgment would not be independent, among other assertions....
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