New York Judge Tosses Equity Bancshares Investor Suit

Law360 (October 14, 2020, 10:41 PM EDT) -- A federal judge in New York on Wednesday tossed out a proposed class action against Equity Bancshares Inc., finding the holding company's investors hadn't shored up claims that the company engaged in an "extend and pretend" scheme involving $29.5 million it loaned to a struggling pizza chain and cupcake company.

In the opinion and order, U.S. District Judge Alison J. Nathan dismissed the suit with prejudice, saying the investors hadn't pointed out examples of the company lying in a way that would support their claim of fraud in connection with the eventual bankruptcy of Equity Bancshares debtors Gigi's Cupcakes and Mr....

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