A Michigan savings bank has agreed to pay $12 million in cash and warrants to shareholders who claimed directors and officers had cashed in on inside information.

The management of Mutual Savings Bank, Bay City, also misled investors and engaged in "high-risk investment practices," the shareholders claimed in court documents.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.