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Opus Bank Cuts $17M Deal To End Suit Over Risky Loans

Law360, San Francisco (January 30, 2018, 9:57 PM EST) -- Opus Bank has agreed to pay $17 million to settle investors' claims that the bank and its executives misled them on the quality of its loans, causing its stock to drop by 21 percent, according to court documents filed in California federal court Tuesday.

In a motion for preliminary approval of a class action settlement, lead plaintiff Arkansas Public Employees Retirement System asked the court to preliminarily sign off on an all-cash settlement under which class counsel would receive up to 25 percent of the fund,...
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Case Information

Case Title

Nancy Schwartz v. Opus Bank et al


Case Number

2:16-cv-07991

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Andre Birotte Jr

Date Filed

October 26, 2016

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