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Sterling Bancorp Agrees to Pay $12.5M for OK Police Retirement System

Sterling Bancorp Inc. agreed to pay $12.5 million to settle a class-action lawsuit filed by the $3.1 billion Oklahoma Police Pension & Retirement System, alleging the bank violated federal securities laws and artificially inflated its stock price.

The settlement was approved April 16 in U.S. District Court in Detroit, a court filing shows.

The Oklahoma City-based pension fund first filed the class-action lawsuit in July on behalf of investors who had purchased Sterling Bancorp common stock beginning Nov. 17, 2017 through March 17, 2020.

Read the source article at Pensions & Investments

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