Sterling Bank settles shareholder lawsuit over loan program

By Sarah Jarvis (January 21, 2022, 9:41 PM EST) — The parent company of Michigan-based Sterling Bank & Trust announced on Friday that it has reached an agreement to settle a derivative lawsuit accusing various current and former directors of nearly sinking the company with a lending program that has granted thousands of mortgages to unqualified borrowers and has been the subject of government investigations.

Sterling Bancorp Inc., which was founded by San Francisco Giants minority owner Scott Seligman, said in a press release that the settlement was negotiated by a claims review committee created by the board. of the company after receiving a shareholder request from plaintiff Raymond Cahnman.

The agreement, which includes the company…

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