Investors Reach $20M Deal With Banc Of Calif., Drop Ex-CEO

Law360 (October 31, 2019, 7:47 PM EDT) -- A class of investors asked a California federal judge on Wednesday to sign off on a proposed $19.75 million settlement with Banc of California over its alleged ties to white-collar fraudster Jason Galanis.

The preliminary approval motion comes roughly six weeks after investors voluntarily dismissed claims against former Banc CEO Steven Sugarman, finding extensive discovery in the case had not turned over any proof that "Galanis exercised or had any control or decision-making authority over Mr. Sugarman or any of Mr. Sugarman's business entities."

The Sugarman agreement from Sept. 15 was followed days later with a joint stipulation between the investors...

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