Paskenta Tribe ordered to pay attorneys’ fees of $1,049,559.16 to Cornerstone Community Bank
The Paskenta Band of Nomlaki Indians sued Cornerstone Community Bank, and its CEO Jeffrey Finck, among others, in connection with the alleged embezzlement of millions of dollars by executives of the Tribe. The Tribe sued the Cornerstone defendants for negligence, breach of contract, and aiding and abetting the alleged embezzlements, even though the alleged embezzlers were authorized signers on the Tribe’s bank accounts at Cornerstone.
After the Court granted summary judgment in January dismissing all claims against Cornerstone, Cornerstone filed a motion to recover its attorneys’ fees...
Next Legal Education Seminar: Bank Fraud in the Cyber Age - August 23rd
This program is the definitive source for practical strategies to reduce your bank’s risk of loss from fraud and cybercrime. Don’t miss this unparalleled opportunity to learn how to minimize fraud loss exposure and ensure that your bank is prepared to react immediately to a worst-case scenario.
Ford Couldn’t, But You Can: Hybrid Corporations for Social Goals
By: Casey Edmondson
Henry Ford was not used to hearing “no.” But that is what the Michigan Supreme Court told him in 1919, when Ford tried to reinvest huge capital reserves of Ford Motor Company into wages and new facilities instead of shareholder dividends. Despite the “business judgment rule” that ordinarily prevents courts from overturning lawful business decisions, the Court did just that, finding that Ford altogether ignored the principle of maximizing shareholder value. Since this famous decision, business leaders have accepted shareholder value as the north star.