Loans to real estate developers ticked like a “time bomb” ready to sink BankAtlantic Bancorp’s stock, but investors were purposefully kept in the dark, a shareholder attorney argued Wednesday as a securities fraud class action trial neared its conclusion in Miami.
Company attorney Eugene Stearns expressed outrage at the notion, and peppered his closing arguments with “ridiculous” and “laughable” to describe the plaintiff case. He said the parent of Fort Lauderdale-based BankAtlantic was the first to pull out of South Florida condominium construction lending and repeatedly raised red flags to say its loans to commercial developers were running aground.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
