Peat, Marwick and Penn Square Bank were sued.
The lawsuit was filed in Oklahoma City by the National Credit Union Administration and seeks about $6.1 million in losses on certificates of deposit. The suit claims Peat, Marwick, Mitchell & Co. and Penn Square officials defrauded depositors with false statements about the bank’s condition. The bank was declared insolvent in July, 1982.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.