Michigan Bank, Pension Fund Settle $12.5M Securities Row

By Alexis Shanes (April 19, 2021, 1:29 PM EDT) -- Sterling Bancorp Inc. has agreed to pay $12.5 million to end a proposed class action claiming it artificially inflated stock and violated federal securities laws, wrapping up a short-lived but complex case led by a state pension fund, the class told a Michigan federal court.

In a Friday memorandum, the named plaintiff — an Oklahoma state agency that manages police officers' pensions — urged U.S. District Judge Judith Levy to approve the settlement and grant preliminary certification to the class.

The class, led by the Oklahoma Police Pension and Retirement System, includes anyone who acquired Sterling common stock between November 2017...

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