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An Oklahoma pension fund alleged the bank violated federal laws related to residential lending practices. Sterling Bancorp has agreed to pay $12.5 million to settle a securities class action lawsuit filed by the Oklahoma Police Pension and Retirement System (OPPRS) that alleged the bank violated federal securities laws related to disclosures of its residential lending practices. “This settlement should put to rest one of several difficult matters that arose out of our former Advantage Loan Program,” Sterling Bancorp CEO Thomas O’Brien said in a statement.  Attorneys for the Oklahoma Po...

Sterling Bancorp to pay $12.5 million to settle Oklahoma Police suit Getty Images Sterling Bancorp Inc. agreed to pay $12.5 million to settle a class-action lawsuit filed by the $3.1 billion Oklahoma Police Pension & Retirement System, alleging the bank violated federal securities laws and artificially inflated its stock price. The settlement was approved April 16 in U.S. District Court in Detroit, a court filing shows. The Oklahoma City-based pension fund first filed the class-action lawsuit in July on behalf of investors who had purchased Sterling Bancorp common stock beginning Nov. 17, 20...