BankAtlantic Can't Sink SEC Claims It Hid Loan Troubles

Law360, New York (May 29, 2012, 5:16 PM EDT) -- A Florida federal judge on Tuesday kept intact most of a U.S. Securities and Exchange Commission suit alleging BankAtlantic Bancorp Inc. hid problems in its commercial real estate portfolio from investors in the early stages of the financial crisis.

U.S. District Judge Robert N. Scola Jr. largely denied the bank’s March 19 motion to dismiss the SEC’s complaint. The agency claimed the bank and its CEO, Alan B. Levan, made misleading statements in public filings and earnings calls in order to hide the deterioration in the...
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