Cardinal Financial Corp. said a $3.5 million charge related to a disputed escrow transaction could force the $1.8 billion-asset McLean, Va., company to post a third-quarter loss.
In July, Cardinal was the escrow agent for Liberty Growth Fund LP's purchase of $3.85 million of stock in Aims Worldwide Inc., a marketing and media consultant. But after receiving the funds from Liberty and disbursing them to Aims, Cardinal discovered that Liberty had stopped payment on its check.
A subsequent check from Liberty was rejected because of insufficient funds, Cardinal said last week. As a result of the rejection, Cardinal filed a lawsuit in the Fairfax County Circuit Court in August against Liberty and its principal, Philip A. Seifert, but it says it could be several months before the case is resolved.
