In the heyday of the Florida real estate boom, BankAtlantic approved multimillion-dollar development loans to build homes on land where endangered gopher tortoises roamed and near rural towns where there wasn’t a school or hospital for miles, an attorney representing holding company shareholders told a jury Tuesday.
It was the opening salvo against the bank’s parent, Fort Lauderdale-based BankAtlantic Bancorp, in a shareholder class action trial expected to last seven weeks before U.S. District Judge Ursula Ungaro in Miami. The case is only the 12th to go to trial after Congress clamped down on shareholder lawsuits in the mid-1990s.
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