Crocker’s shareholder suits have been settled.
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The federal court in San Francisco dismissed all remaining shareholder litigation against Crocker National Bank, several of its current and former officers and its parent, London-based Midland Bank. The court also ratified a previously announced settlement of a number of other shareholder suits that provides for payment of as much as $1.75 million to some present and former stockholders and another $1.75 million in attorneys’ fees and expenses. The cases arose from shareholder claims that Crocker’s bad loans and mismanagement caused a severe drop in the value of their shares.