Banking
Jul. 19, 2023
Philanthropists say First Republic lost $7M in scholarship money
“They were told by the manager at First Republic that First Republic was fine, it had no problems: ‘Don’t get excited, you’re going to do very well on it,’” said Tyson C. Redenbarger of Cotchett, Pitre & McCarthy LLP, who represents the plaintiffs. But at the same time the bank executives were preparing for the worst, he said.
Defunct First Republic Bank in San Francisco faces claims it lost $7 million in scholarship donations, according to a lawsuit filed by two philanthropists.
The donors claim that a financial adviser with the bank invested the money in bank stock and refused their request to sell until the bank collapsed, rendering the stock worthless.
“It is terrible that two giving people were taken advantage of in this way,” T...
For only $95 a month (the price of 2 article purchases)
Receive unlimited article access and full access to our archives,
Daily Appellate Report, award winning columns, and our
Verdicts and Settlements.
Or
$795 for an entire year!
Or access this article for $45
(Purchase provides 7-day access to this article. Printing, posting or downloading is not allowed.)
Already a subscriber?
Sign In