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Jun. 22, 2023

First Republic misled on portfolio’s rate hike vulnerability, suit says

A proposed class action says the bank downplayed the risks that rising interest rates posed to First Republic’s interest earning assets and mortgage loan portfolio.

A shareholder lawsuit against First Republic Bank filed in San Francisco, alleges that it misrepresented the strength of its portfolio, which was vulnerable to federal fund rate hikes that led to its collapse.

The proposed class action, filed Tuesday, contends that the company and its executives repeatedly misled investors about its viability and business model. The complaint says the bank downplayed the risks that rising interest rates po...

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