Bank Vice Chairman Defense - Feinberg v. Hibernia Corp.
Mr. Kerrigan represented the former vice chairman of Hibernia National Bank in this class action filed by shareholders of the bank’s holding company. The plaintiffs claimed that the defendants misrepresented and omitted material facts regarding problems with the bank’s loan portfolio, resulting in large write-offs and diminished profits. They accused the defendants of violating Sections 10(b) and Rule 10b-5, 20(a) of the Exchange Act, as well as the Louisiana Blue Sky Law, and asserted other state law causes of action. The case was settled favorably, with the D&O insurer recouping a significant portion of the settlement amount left unsubscribed.
Feinberg v. Hibernia Corp., United States District Court for the Eastern District of Louisiana, 966 F.Supp. 442 (1997).