Local law firm urges shareholders to file suit

The Strom Law Firm is urging shareholders of 18 South Carolina banks and bank companies to contact it regarding possible legal action related to stock losses.

“While the FDIC provides protection for the assets of bank customers affected by intervention and/or closure, bank investors and shareholders suffering financial loss must seek legal action to recover for losses, including stock loss,” reads a press release put out by the firm Wednesday.

The firm adds that if bank board members engaged in action that lead to investors suffering a financial loss or failed to take action which caused stockholders to suffer a loss, they may have a claim.

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South Financial: Bad to the bitter end

If nothing else, The South Financial Group will be remembered as being consistent, at least for the last two-and-a-half years it was around.

It what could be its final quarterly financial report, the Greenville-based bank company reported Tuesday it lost $314.9 million during the three months ended June 30.

The loss marks the 10th straight quarter the parent of Carolina First Bank has posted a deficit.

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