Law Offices of Howard G. Smith continues its investigation of potential claims against the board of directors of Customers Bancorp, Inc. (“Customers Bancorp” or the “Company”) (NYSE: CUBI) concerning whether the board of directors breached its fiduciary duties to Customers Bancorp shareholders.
On April 12, 2024, Customers Bancorp disclosed that its Executive Vice President and Chief Financial Officer, Carla Leibold, had been terminated “for ‘cause’ under her employment agreement for violating Company policy.” However, later that month, the Company amended this description to state that her termination “was a separation by mutual agreement” and that Ms. Leibold would be paid $2.5 million in “post-employment compensation.”
Then, on August 8, 2024, the Federal Reserve Board announced the execution of an enforcement action with Customers Bancorp, Inc. and Customers Bank stating that the most recent inspection of Customers Bancorp “identified significant deficiencies related to the Bank's risk management practices and compliance with the applicable laws, rules, and regulations relating to anti-money laundering.” On this news, Customers Bancorp’s stock price fell $7.22, or 13.3%, to close at $47.01 per share on August 8, 2024.
If you still hold Customers Bancorp shares purchased before 2021, have information or would like to learn more about this matter, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240821066425/en/