CertusBank fired its founders for providing inaccurate budgets and for failing to devise a strategy after its failed-bank deals dried up, the Greenville, S.C., company said in court filings.

The $1.7 billion-asset company said in a response to a lawsuit filed by Milton Jones, Walter Davis and Angela Webb that the decision to fire the executives was not racially motivated. Certus also denied in documents filed Friday in the District Court for South Carolina that it participated in a conspiracy to destroy the executives' reputations.

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