- The plaintiff in litigation against Banc of California (NYSE:BANC) agrees to dismiss Steven Sugarman, the bank's former chairman, president and CEO with prejudice from the case.
- Sugarman will make no payment to the plaintiff. Also, he entered into a separate agreement with Banc of California which requires the company to remove its confidentiality from certain key discovery documents.
- Under the agreement dismissing Sugarman from the case, the plaintiff said it didn't uncover any proof that Jason Galanis exercised or had any control or decision-making authority over Sugarman or any of Sugarman's business entities or that Galanis controlled or affected Sugarman's actions or decisions as an investor, officer, or director of Banc of California.