Law360 (March 27, 2020, 4:32 PM EDT) — A group of peeved investors hit Sterling Bancorp Inc. with a proposed class action in Michigan federal court Friday, claiming its Michigan-based subsidiary Sterling Bank and Trust FSB misled investors and ignited a stock drop that resulted in massive damages to their holdings.
Stockholders say that over nine months, the company took part in an “ongoing fraudulent scheme” in which it allegedly repeatedly failed to disclose its “loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan program” despite facing problems behind the scenes.
Sterling Bancorp “engaged in a scheme to deceive…
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