On the eve of a hearing to determine monetary sanctions, Sovereign Bank settled the underlying discovery-abuse claims with property developer 400 Walnut Associates, which is going through Chapter 11 bankruptcy.
The bank agreed to pay $150,200 to 400 Walnut Associates and turn over all of the documents that it had been subpoenaed to show as part of the settlement filed in the U.S. Bankruptcy Court for the Eastern District of Pennsylvania the day before the scheduled hearing.
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