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Opus Bank announces proposed $17m settlement of class-action lawsuit

Staff Writer |
Opus Bank announced that it had entered into a memorandum of understanding to settle the putative class action lawsuit pending in the United States District Court for the Central District of California, Schwartz v. Opus Bank.

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The parties agreed to settle the lawsuit for $17 million and negotiate in good faith and execute a stipulation of settlement within 30 days of November 3, 2017. The settlement is expected to be fully funded by the Bank’s insurance carriers.

The settlement is not expected to have any effect on the Bank’s consolidated statements of income and comprehensive income for the three and nine months ended September 30, 2017.

The settlement must be approved by the court. There can be no assurance that the parties will ultimately enter into a stipulation of settlement or that the court will approve the settlement even if the parties were to enter into such stipulation.

If the settlement is approved by the court, the settlement will release all claims in the lawsuit that were or could have been brought and preclude further proceedings.

Further information regarding the settlement will be made available if and when the settlement is approved by the court.

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