KEIC Claims Against Center Bank Dismissed
2005年11月11日 - 8:04PM
ビジネスワイヤ(英語)
Center Financial Corporation (Nasdaq:CLFCE) today announced that
the Orange County Superior Court yesterday dismissed all claims of
Korea Export Insurance Corporation ("KEIC") against its subsidiary,
Center Bank (the "Bank"), in an action that had been brought by
KEIC in 2003 seeking to recover damages of approximately $56
million from the Bank. That action was based, among other theories,
on a claim that the Bank had acted negligently in presenting and
otherwise handling trade documents for collection. The Court
dismissed the case on the grounds that federal courts have
exclusive jurisdiction over KEIC's claims against the Bank. While
the court ruling dismisses KEIC's claim against the Bank, it is
possible that KEIC will appeal the dismissal and/or seek to file a
new claim against the Bank in federal court. In addition, third
party claims against the Bank for indemnification remain pending in
the state court action. "This is a major set back for KEIC,"
observed Charles E. Patterson of Morrison & Foerster, LLP, lead
trial counsel for Center Bank. "Our client remains determined to
continue to vindicate its rights against all parties, as necessary,
related to this action." About Center Financial Corporation Center
Financial Corporation is the holding company of Center Bank, a
community bank offering a full range of financial services for
diverse ethnic and small business customers. Founded in 1986 and
specializing in commercial and SBA loans and trade finance
products, Center Bank has grown to be one of the nation's largest
financial institutions focusing on the Korean-American community,
with total assets of $1.6 billion at September 30, 2005.
Headquartered in Los Angeles, Center Bank operates 26 branch and
loan production offices across the nation. Of the company's 17
full-service branches, 15 are located throughout Southern
California, along with one branch each in Chicago and Seattle.
Center Bank's nine loan production offices are strategically
located in Phoenix, Seattle, Denver, Washington D.C., Las Vegas,
Atlanta, Honolulu, Houston and Dallas. Center Bank is a California
state-chartered institution and member of the FDIC. For additional
information on Center Bank, visit the company's Web site at
www.centerbank.com.
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