Mercury S&L; Lawsuit: A New York investor...
From Times Staff and Wire Reports
Mercury S&L; Lawsuit: A New York investor filed a lawsuit Friday alleging that former directors and officers of the failed Mercury Savings & Loan Assn. committed securities violations. The suit, which seeks class-action status, accuses Leonard Shane, Mercury’s former chairman and nine others of releasing “materially false and misleading information” about Mercury’s revenues and loan portfolio. The suit is the second shareholder complaint against former executives of Mercury, which was taken over earlier this year by federal regulators.
