LEGAL OPTION: Banc of California, led by Steven Sugarman, is suing an investor over claims it breached a contract by buying stock in the open market while in possession of nonpublic information.

Banc of California Takes Activist to Court Over Contract Breach

The company is suing Basswood Capital, claiming the activist hedge fund unlawfully accumulated a large stake by violating a confidentiality agreement. It also claims that Basswood's meddling resulted in a subpar capital raise last month.

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