Steven A. Sugarman

View Original

Plaintiff Agrees to Dismiss Former CEO Steven Sugarman From Banc of California Litigation

Originally published in Business Wire

September 19, 2019, 09:00 AM EDT

Link to Original Article

LOS ANGELES--(BUSINESS WIRE)--Steven Sugarman, former Chairman, President, and CEO of Banc of California, Inc. (NYSE: BANC), and Plaintiff in the matter of In Re Banc of California Securities Litigation have agreed to dismiss Mr. Sugarman with prejudice from the case and, following extensive discovery, Plaintiff stated:

  • “Plaintiff did not uncover any proof that Galanis exercised or had any control or decision-making authority over Mr. Sugarman or any of Mr. Sugarman’s business entities.

  • “Plaintiff did not uncover any proof that Galanis controlled or affected Mr. Sugarman’s actions or decisions as an investor, officer or director of Banc of California, Inc.

  • “The October 18, 2016 press release reflected information provided to Mr. Sugarman.”

Mr. Sugarman will make no payment to Plaintiff. Additionally, Mr. Sugarman entered into a separate agreement with Banc of California which requires Banc of California to remove its confidentiality designations from certain key discovery documents.

Mr. Sugarman issued the following statement, “I am pleased to have been exonerated and to have closed this chapter. I look forward, with renewed passion and focus, to pursuing the important opportunities that exist to expand access to capital in America.”

Mr. Sugarman is represented by Manny Abascal of Latham & Watkins, LLP [case number No. SACV 17-00118 AG (DFMx) consolidated with SACV 17-00138 AG (DFMx)].

About The Capital Corps, Inc.

The Capital Corps, LLC was founded in 2017 by Steven Sugarman, Faith Bautista, and Jeffrey Seabold to give credit to the American dream. The Capital Corps is certified by the United States Department of Treasury as a Community Development Financial Institution and has partnerships with the National Diversity Coalition, the National Asian American Coalition, and diverse community leaders who ensure its lending programs appropriately reflect the needs of the communities it serves. For more information: www.thecapitalcorps.com