• Wed. Sep 21st, 2022

Pa. Bank settles bogus Ferrari loan lawsuit with investors

ByElla E. Kidwell

Apr 15, 2022
By Matthew Santoni (April 15, 2022, 5:53 p.m. EDT) – A group of investors announced that it has settled a federal shareholder lawsuit against a central bank in Pennsylvania for its alleged lack of diligence in granting an $8 million loan secured by a fake Ferrari racing car, days after the bank announced it would undertake reforms, including giving investors a seat on its board.

New York-based Driver Opportunity Partners I LP, which owns a 6.8% share of York, Pa.-based Codorus Valley Bancorp, said on Friday it would drop a lawsuit claiming Codorus’ banking subsidiary , PeoplesBank, hadn’t done their homework to discover that the vehicle had been pledged for…

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