A settlement has been won by Seafirst holders.
About 8,000 Seafirst stockholders who were stung by plummeting stock prices caused by the bank’s disclosure of large energy loan losses will share in a $13.6-million out-of-court settlement, officials said. The class-action suit was filed in October, 1983, by John and Mary Naye of Mercer Island, Wash., who as shareholders claimed that the bank had misrepresented and failed to disclose facts about its energy lending division in the summer of 1982. The settlement applies to shareholders who purchased Seafirst stock from Feb. 16, 1981, through July 13, 1982, said Katie Weiss, a Seafirst spokeswoman.
