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Banc of California's ex-CEO dropped from litigation

|About: Banc of California, Inc. (BANC)|By:, SA News Editor

The plaintiff in litigation against Banc of California (NYSE:BANC) agrees to dismiss Steven Sugarman, the bank's former chairman, president and CEO with prejudice from the case.

Sugarman will make no payment to the plaintiff. Also, he entered into a separate agreement with Banc of California which requires the company to remove its confidentiality from certain key discovery documents.

Under the agreement dismissing Sugarman from the case, the plaintiff said it didn't uncover any proof that Jason Galanis  exercised or had any control or decision-making authority over Sugarman or any of Sugarman's business entities or that Galanis controlled or affected Sugarman's actions or decisions as an investor, officer, or director of Banc of California.

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