Lawsuit Claimed Sterling Ignored Warnings From Its Employees ; in Settlement, Investors Get $10.25 Million; Financial Company Called Witnesses, Its Former Workers, Unreliable.
Sunday News; Lancaster, Pa. › March 29, 2010
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Staff Writer
jbrubaker@lnpnews.comSee the full content of this document
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Lawsuit Claimed Sterling Ignored Warnings From Its Employees ; in Settlement, Investors Get $10.25 Million; Financial Company Called Witnesses, Its Former Workers, Unreliable.
When Sterling Financial announced in May 2007 that a "sophisticated loan scheme" had cost it tens of millions of dollars, the bank provided only meager details.
Nine months later, Sterling said an internal investigation had concluded that its Equipment Finance subsidiary had reported inflated earnings from loans to southern logging companies.It claimed that two Equipment Finance executives - Joseph Braas and ...See the full content of this document
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