May 24, 2019
A California federal judge tossed a shareholder's derivative suit accusing Bank of Internet executives of misconduct that led to a costly internal investigation into a whistleblower's allegations of shady business dealings, ruling Thursday that the investor failed to show that the directors were culpable.
November 07, 2018
A Bank of Internet shareholder on Tuesday asked a California federal judge not to dismiss a consolidated derivative suit accusing four of the bank's senior executives of misconduct that led the company to carry out a costly internal investigation into a whistleblower's allegations about shady business dealings.
June 08, 2018
A California federal judge all but tossed Bank of Internet shareholders' derivative suit against board members for allegedly damaging the company's reputation and incurring a host of legal and investigative fees stemming from shady business dealings, calling the claims "unripe" and finding that the bulk of the complaint relies too heavily on the outcome of related litigation.
May 11, 2018
A California federal judge on Friday tentatively dismissed a significant portion of a derivative suit claiming the Bank of Internet's board of directors engaged in multiple schemes that led to a steep stock drop when they were revealed, saying most of the claims rely on the outcome of a pending whistleblower suit and are thus "unripe."
April 09, 2018
Bank of Internet's parent company told a California federal judge Friday that a proposed securities fraud class action filed last year after news broke of a government probe into possible money laundering at the bank is similar enough to a separate recently axed stock-drop suit that both dismissal and sanctions are warranted.
August 08, 2017
A federal judge in California on Tuesday said that a shareholder lawsuit alleging that Bank of Internet's board of directors engaged in multiple schemes that led to a steep stock drop when the allegations came to light could move forward, in light of the recent retirement of one of the board members.
March 01, 2017
A California federal judge on Wednesday tossed a derivative shareholder suit alleging that Bank of Internet's board of directors engaged in multiple schemes that led to a one-day share fall of 30 percent once news broke of a whistleblower complaint, saying the investors needed to ask for the board's response to the allegations before filing their suit.