Sterling Bancorp, Inc. Settles Shareholder Demand
Sterling Bancorp, Inc. (SBT)
Last sterling bancorp, inc. earnings: 10/28 04:07 pm
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Source: Business Wire
SOUTHFIELD, Mich.--(BUSINESS WIRE)--Sterling Bancorp, Inc. (the “Company”) (NASDAQ: SBT), the thrift holding company for Sterling Bank and Trust, F.S.B., Southfield, Michigan (the “Bank”), today announced that the Company reached an agreement to settle the shareholder demand for a derivative action originally set forth in a letter from a purported shareholder of the Company received on July 28, 2020 (the “Shareholder Demand”) and reflected in a shareholder derivative complaint that was recently filed against the Company and certain current and former directors of the Company. The settlement agreement provides for the Company’s adoption and implementation of certain corporate governance reforms and the payment of attorneys’ fees and expenses in exchange for the release of all defendants from all alleged claims.The Demand Review Committee that was established by the Company’s Board of Directors after it received the Shareholder Demand negotiated the settlement with the purported sha
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