February 29, 2016
Chinacast Education Corp. has agreed to end litigation against three banks it alleged negligently allowed the company's ex-CEO to illegally transfer $35 million to a sham entity after a 2009 public offering in order to enrich himself, according to New York federal court documents Monday.
February 12, 2016
Signature Bank urged a New York federal judge Friday to toss Chinacast Education Corp.'s complaint against it in a lawsuit accusing Signature and other banks of negligently allowing Chinacast's ex-CEO to illegally transfer $35 million to a sham company following a 2009 public offering, arguing the claims are preempted and untimely.
December 08, 2015
Chinacast Education Corp. slapped HSBC, Signature Bank and Bank of China with a suit in New York federal court Monday, accusing the banks of "willful blindness" for allowing the educational service provider's ex-CEO to illegally transfer $35 million to a sham holding company after Chinacast's public offering.