A Miami state court judge dismissed with prejudice a $30 million federal class action by U.S. Century Bank shareholders against current and former corporate directors, in litigation that pitted attorneys from two of the top law firms in South Florida.
Michael Hanzman, senior counsel at Bilzin Sumberg Baena Price & Axelrod, is among the attorneys who represent the defendants, the current and former corporate directors. They were accused of a breach of fiduciary duty to enrich themselves and the “out-of-state people” at the private equity funds they represent that hold the financial institution’s preferred stock at the expense of the community they serve.
Michael Hanzman, senior counsel at Bilzin Sumberg Baena Price & Axelrod in Miami. Courtesy photo
