Outside directors of Banc of California defend against series of derivative actions and related securities class action
Clients Outside directors of Banc of California
Jones Day is representing certain outside directors of the Banc of California, Inc. (NYSE: BANC), headquartered in Orange County, California, in connection with derivative actions and a related securities class action arising out of an internal investigation completed in 2017. Jones Day has obtained dismissal on one derivative case based on the plaintiff’s failure to make a demand on the board or adequately allege demand futility under Maryland law. The related securities class action is currently pending in the Central District of California, Southern Division.
In re Banc of California Securities Litigation, No. 8:17-cv-00118-AG-DFM (C.D. Cal.); Witmer v. Sugarman, et al., No. 8:18-cv-00246 (C.D. Cal.); Gordon v. Sznewajs, et al., No. 8:17-cv-01678-CJC-DFM (C.D. Cal.)