Webster Bank Shells Out $10.5M Over Condo Funding Row

Law360, New York (November 21, 2011, 6:48 PM EST) -- A subsidiary of Waterbury, Conn.-based Webster Financial Corp. has agreed to pay $10.5 million to settle allegations by an Ohio developer that the bank improperly pulled funding for certain parts of a condo conversion project, according to a Friday regulatory filing by Webster.

The company said in a Form 8-K filed with the Securities and Exchange Commission that unit Webster Bank would also deliver a quit-claim deed to affiliates of the developer, Community Building Systems Inc., giving up any ownership related to the project at the...
To view the full article, register now.
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.