BankAtlantic Lied About Loan Risks, Jury Finds

Law360, New York (November 18, 2010, 4:46 PM EST) -- A federal jury has found that BankAtlantic Bancorp Inc. failed to disclose the extent of risk in its troubled loan portfolio in what the plaintiffs' attorney said was the first securities class action sparked by the financial crisis to go to trial.

The jury in the U.S. District Court for the Southern District of Florida delivered the verdict Thursday, ordering BankAtlantic to pay $2.41 per share in damages to investors.

It rejected BankAtlantic's claims that investors' losses were caused by unforeseen events as opposed to securities...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

In re BankAtlantic Bancorp, Inc. Securities Litigation


Case Number

0:07-cv-61542

Court

Florida Southern

Nature of Suit

Securities/Commodities

Judge

Ursula Ungaro

Date Filed

October 29, 2007

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.