Signature shareholders to sue the bank and its management
Signature shareholders have filed a class-action lawsuit against the bank and three of its former top executives — the chief executive officer, chief financial officer and chief operating officer. They are accused of fraud on the basis that the bank was financially sound just three days before the seizure by the state regulator.
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Additionally, the plaintiffs believe that the bank misled shareholders in order to suppress their fears. According to the bank's top management, Signature can meet all customer needs and has sufficient capital and liquidity. As of now, shareholders have not disclosed the amount they are seeking.
It should be noted that state support for shareholders of a bankrupt institution is not provided by the regulator.
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