---
schema_version: "secwatch.filing_event.v1"
accession: "0001829576-24-000013"
form_type: "8-K"
ticker: "CARE"
cik: "0001829576"
company_name: "Carter Bankshares, Inc."
filed_at: "2024-02-15T23:59:59+00:00"
generated_at: "2026-06-06T01:27:37.898196+00:00"
event_type: "litigation"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001829576-24-000013
- form_type: 8-K
- ticker: CARE
- cik: 0001829576
- company_name: Carter Bankshares, Inc.
- filed_at: 2024-02-15T23:59:59+00:00
- event_type: litigation
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000013/0001829576-24-000013-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829576/000182957624000013/care-20240215.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829576-24-000013
- JSON: https://secwatch.observer/filing/0001829576-24-000013.json
- Plain text: https://secwatch.observer/filing/0001829576-24-000013.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.