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Berman Tabacco Announces a Notice of Pendency of Class Action and Proposed Settlement for Sterling Bancorp Securities Litigation


Berman Tabacco Announces a Notice of Pendency of Class Action and Proposed Settlement for Sterling Bancorp Securities Litigation
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UNITED STATES DISTRICT COURT
 
 
STERLING BANCORP, INC.; GARY JUDD; THOMAS LOPP; MICHAEL MONTEMAYOR; SCOTT SELIGMAN; BARRY ALLEN; JON FOX; SETH MELTZER; SANDRA SELIGMAN; PETER SINATRA; BENJAMIN WINEMAN; LYLE WOLBERG; PIPER SANDLER COMPANIES; AND AMERICAN CAPITAL PARTNERS, LLC,
 
Hearing, and Motion for Attorneys Fees and Reimbursement of Litigation Expenses
TO:   
All Persons that purchased or otherwise acquired Sterling Bancorp, Inc. (SBT) common stock during the period from November 17, 2017, through and including March 17, 2020 (the Settlement Class Period ), including shares sold in the initial public offering that commenced on November 17, 2017 (the Settlement Class ) ....

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Sterling Bancorp to Pay $12.5 Million to Settle Securities Lawsuit


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 Police Pension and Retirement System argued that the bank made “untrue statements of material fact” related to its now defunct Advantage Loan Program. They also alleged that the bank “omitted other facts that were necessary to make the statements not misleading” and failed to disclose material facts concerning the bank’s loan underwriting, risk management, and internal cont ....

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Sterling Bancorp to pay $12.5 million to settle Oklahoma Police suit


Sterling Bancorp to pay $12.5 million to settle Oklahoma Police suit
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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, 2017 through March 17, 2020.
The suit said the bank misled investors regarding its core product, the Advantage Loan Program, the success of which led to what the original court filing said was exponential growth of its stock price, according to the original court filing. As a result of what the original filing said were widespread, major issues with the ALP s loan origina ....

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