Sterling Bancorp Says Plea Agreement With DOJ Receives Final Court Approval
Portfolio Pulse from Benzinga Newsdesk
Sterling Bancorp's plea agreement with the Department of Justice (DOJ) has received final court approval. The agreement, which resolves the DOJ's investigation into the bank's Advantage Loan Program, requires the company to pay $27.2 million in restitution to non-insider victim shareholders.
July 19, 2023 | 10:05 pm
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Sterling Bancorp's plea agreement with the DOJ, requiring a $27.2 million restitution payment, may negatively impact the company's financials in the short term.
The final court approval of the plea agreement between Sterling Bancorp and the DOJ, which requires a $27.2 million restitution payment, could negatively impact the company's financials in the short term. This could potentially lead to a decrease in the company's stock price.
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