A jury that found BankAtlantic Bancorp misled shareholders about the quality of its loans could encourage other banks facing similar claims to settle out of court and avoid trial.
“I think that’s really the greatest significance of this litigation,” said attorney Eugene Stearns, who defended Fort Lauderdale-based BankAtlantic in the federal class action trial and may lead an appeal. “For the plaintiffs’ firms who are engaging in trying to frighten people into settling, it has that effect. … Even if you think a claim is frivolous, you pay to make it go away.”
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