Banc of California settles fraud lawsuit for $39.9M; expects net $31.3M recovery

BANC OF CALIFORNIA, INC.

Settlement with Chicago Title entities resolves claims from $35.1M charge-off on fraudulent 2017 line of credit.
Net cash recovery after legal fees ~$31.3M (approx $0.36/share after-tax at 27% effective rate).
Lawsuit filed Oct 2019 and refiled Oct 2020 alleged RICO, fraud, and negligence; settlement releases all claims.
Charge-off recorded in Q3 2019; settlement reached March 3, 2022.

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