The Real Deal Miami

Judge throws out suit against former BankUnited officers

March 31, 2010 09:41AM

Federal Judge Marcia Cooke threw out a class-action lawsuit filed by
BankUnited shareholders against three former high-level executives at
the company. When federal regulators took over the bank in May 2009,
shareholders lost their money and soon filed suit, alleging the
officers were intent on deceiving and defrauding shareholders. BankUnited’s quick
rise came as a result of extremely risky option adjustable rate
mortgages. The company is not out of the water yet, as it is in Chapter
11 proceedings and is being investigated by the Securities and Exchange
Commission. [Miami Herald]