Bancorp Says Investors Lack Proof In $112M Loan Loss Suit
By Jeff Montgomery (January 29, 2016, 5:26 PM EST) -- Attorneys for Bancorp Inc. urged a Delaware federal judge on Friday to toss claims that it knowingly obscured loan losses and compliance failures before a $112.5 million loan loss restatement in September, saying the investors behind the suit haven't offered clear proof.
Arguing a second time for dismissal of the case, Bancorp attorney Michael L. Kichline of Dechert LLP told U.S. District Judge Sue L. Robinson that an investor lawsuit failed to provide proof of specific violations or material misstatements by the company about its commercial loan or prepaid credit card operations. It also failed to prove any knowing violations, Kichline...
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