On Shaky Sand

Posted On April 9, 2013
Categories In the News, The Pulse

Synovus Financial Corp. settled a shareholder lawsuit over more than $200 million in bad loans to Sea Island Company. As part of the settlement, the Synovus board will no longer be allowed to approve loans. “What is especially interesting is that the directors won’t be able to participate in the approval of any loans, whether large or small,” Mark Chen of the Department of Finance told Bloomberg. “That does seem to be unusual.”