A Georgia bank that made more than $400 million in loans to a Sea Island real estate company that collapsed in bankruptcy has agreed to settle a suit with bank shareholders for $11.75 million.
April 11, 2014 at 12:00 AM
1 minute read
A Georgia bank that made more than $400 million in loans to a Sea Island real estate company that collapsed in bankruptcy has agreed to settle a suit with bank shareholders for $11.75 million.
Attorneys representing pension funds that held stock in Columbus-based Synovus Financial Corp. when the Sea Island Co. defaulted on the loans have filed a motion seeking preliminary approval of a class action settlement in the stock fraud case, which was filed in federal court in Atlanta in 2009.
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