Metro Bank Hit With Investor Suit Over $1.2B Reporting Gaffe

Law360, London (May 31, 2019, 9:38 PM BST) -- Metro Bank PLC was hit with a proposed class action in federal court Thursday claiming the British bank misled shareholders about the adequacy of its risk management policies and falsely boosted the value of its stock, which tanked when a £900 million ($1.2 billion) accounting blunder was recently revealed.

The putative securities class action was filed by an investor claiming he suffered financial losses after the bank announced in January it had to correct the risk-weighting of certain commercial loans, which meant it had to set aside an additional £900 million to offset the potential risks. In addition to the bank,...

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