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$10.25M settlement on Sterling lawsuit
#1
Posted 05 March 2009 - 01:21 PM
| QUOTE |
| $10.25M settlement on Sterling lawsuit By TIM MEKEEL 2009-03-05 12:21:00 Lancaster New Era Sterling Financial shareholders, feeling misled about the health of the fraud-stricken company, have settled their lawsuit against the now-defunct banking company for $10.25 million plus interest. |
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#3
Posted 07 March 2009 - 10:05 AM
People's heads should role for this and they haven't. Most Bank'o'Lanc bigshots were not reprimanded or punished but rather rewarded through the PNC purchase. They either remain or left quietly once they were paid off with the then-valuable, not sure where it stands today, PNC stock, at least relative to their own that they ran-into-the-ground. Where is the outrage from the local paper? How could executives be so ignorant to what was going on at their subsidiary that was producing ~60% of their bottom line? Where is the transparency at this public company? Where is the accountability? Where is the media? O, I forgot, we don't write stories, or at least follow-up on them. when they pertain to the local establishment. Had this been a small time, out-of-town, bank or operation, something like that Wesley Snyder crook, it would have dominated the front page daily until they sent them off to prison...where the Bank'o'Lanc folks belong, right next to Madoff! That's right, fraud is FRAUD!
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