Jury Clears BankAtlantic, CEO Of SEC Disclosure Claims
Law360, Miami (May 8, 2017, 4:48 PM EDT) -- After winning an appeal to force a second trial, BankAtlantic and CEO Alan Levan were cleared Monday by a federal jury of the U.S. Securities and Exchange Commission's claims that they committed disclosure and accounting violations by downplaying weaknesses in the Florida bank's commercial real estate portfolio.
The verdict dealt another blow to the federal government's attempt to hold the bank executive responsible for issues related to the financial downturn. The agency had to retry the case after the Eleventh Circuit decided in September to overturn its $1.3 million final judgment in a first trial.
“Not only did Alan Levan do...
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