In a verdict handed down by the California Court of Appeals on September 30th, 2019, Callahan & Blaine, APLC was able to secure a much-anticipated victory on behalf of their client Sunwest Bank.
The California Court of Appeals affirmed an earlier trial court Judgment in favor of Sunwest Bank.
The case involved a complex securities class action in which Sunwest was being falsely accused of freezing out minority shareholders using Private Placement, Reverse Stock Splits and a Short Form Merger, none of which were found to be valid or true.
In upholding the correct earlier Judgment in favor of Sunwest, the Appellate court confirmed Sunwest Bank, in conjunction with its officers and directors, acted fairly and properly towards shareholders in each and every transaction that took place. The court found Sunwest fully complied with all of its fiduciary and statutory obligations.
Both the trial court and the California Court of Appeals found that the claims of the class action lawsuit were without merit.
Michael J. Sachs of Callahan & Blaine who represented Sunwest in the trial said the following, “Throughout this lengthy trial we knew we would be able to secure a victory on behalf of our client, we believed this was a meritless lawsuit from the beginning, and are proud of the work we were able to do in this case.”
Michael Sachs of Callahan and Blaine was also able to protect this victory upon appeal.
For more information, contact: Laurali Kobal, Firm Administrator, 714-241-4444, Laurali@callahan-law.com