Shareholders Group Sues First Interstate: A class-action...
From Times Staff and Wire Reports
Shareholders Group Sues First Interstate: A class-action suit has been filed against First Interstate Bancorp, alleging that the bank holding company misled shareholders about the faltering financial conditions of two of its banks. The suit specifically charges that bank executives misled “thousands of persons who purchased shares in First Interstate Bank” between Jan. 18, when the company reported 1988 fourth-quarter earnings of $144 million, and Dec. 7, when the company said it would add $400 million to its loan reserves, mostly for problems at its Texas bank.
