Banc Of California 8-K Shows Co. Entered Amended Corrected Stipulation, Deal Of Settlement To Resolved Shareholder Derivative Suit

On September 27, 2021, Banc of California, Inc. (the “Company”) entered into an Amended Corrected Stipulation and Agreement of Settlement (the “Stipulation of Settlement”) to resolve the previously disclosed stockholder derivative action commenced nominally on behalf of the Company against the individual defendants entitled In re Banc of California, Inc. Stockholder Derivative Litigation (lead case no. 8:19-cv-621-DMG-DFMx). The United States District Court for the Central District of California (the “Court”) also issued an order (the “Preliminary Order”) granting preliminary approval of the proposed settlement, which requires only governance changes by the Company and does not contain a monetary component except for a potential award of attorneys’ fees, which will be paid by defendants’ insurance carriers. The Preliminary Order set December 17, 2021, at 10:00 a.m. as the hearing date and time for the final approval of the terms of the Stipulation of Settlement.