Overturning a jury verdict, a federal judge has rejected claims by investors that BankAtlantic Bancorp. executives in 2007 intentionally made misleading statements about the bank's financial health.
In a 112-page decision, U.S. District Judge Ursula Ungaro found there was insufficient evidence to support the jury's verdict that investors overpaid by $2.41 per share for BankAtlantic stock during much of 2007. Ungaro concluded that the bank's losses were caused by many factors, finding particular fault with key testimony from an expert hired by the shareholders.
Read the full Bloomberg Businessweek story, "Judge voids BankAtlantic investor lawsuit verdict."