April 22, 2024
PacWest Bancorp has urged a California federal judge to toss a proposed class action from an investor who alleges the California regional bank ignored warning signs posed by last year's collapse of Silicon Valley Bank, saying the fact that it did not anticipate the "unprecedented turmoil in the banking industry" is not a violation of federal securities laws.
September 12, 2023
PacWest Bancorp was hit with a proposed class action by an investor who alleges that the California regional bank understated its exposure to rising interest rates and ignored warning signs posed by the collapse of Silicon Valley Bank this spring, causing its stocks to plummet.