Great Lakes Bancorp Agrees To $20M Settlement

Law360, New York (July 19, 2006, 12:00 AM EDT) -- Great Lakes Bancorp Inc., a bank holding company, agreed Tuesday to pay Financial Security Assurance Inc. $20 million to settle a lawsuit over an eight-year-old purchase of hundreds of loans.

The lawsuit was filed against Great Lakes' recently acquired Bay View Capital Corp. unit. Great Lakes acquired Bay View in May and said it was settling the case to avoid protracted and costly litigation.

As part of the settlement, the former Bay View unit and its top executives will fork out $2 million to fund the...
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