Carter Bankshares faces $226M lawsuit from GLAS over Bluestone loan repayments

Carter Bankshares, Inc.

GLAS Trust seeks $226M from Carter Bank for funds received as loan repayments from Bluestone Entities owned by Gov. Justice.
Carter Bank states it received funds in good faith as part of routine refinancing; denies GLAS's allegations as false.
Bank and company intend to vigorously defend; lawsuit filed Feb 12, 2024 in Virginia federal court.
Carter Bank has indemnity agreement with Justice Entities backed by substantial pledged collateral.
No prediction on outcome; bank believes it has meritorious defenses.

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