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Litigation

Aug. 20, 2011

Shareholders sue failed Sonoma bank

Shareholders of failed Sonoma Valley Bancorp have filed suit, seeking $69 million in damages and alleging that reckless lending activity caused the bank to close and its stock price to plummet.


By Jill Redhage


Daily Journal Staff Writer


Shareholders of failed Sonoma Valley Bancorp have filed suit, seeking $69 million in damages and alleging that reckless lending activity caused the bank to close and its stock price to plummet.


The lawsuit, filed Wednesday in Sonoma County Superior Court, targets the bank's directors and officers, claiming that compensation methods encouraged unnecessary risk-taking, Ghiselin v. Mel Switzer, et...

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