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SANTA ANA, Calif. – Citing the resignation this week of Banc of California CEO Steven Sugarman, in the face of a Securities and Exchange Commission investigation, shareholder Fernando Garcia slapped the bank and three officers with a federal class action.

Sugarman’s exit and the SEC investigation are allegedly tied to a report by the investment blog SeekingAlpha.com that senior officers and board members at the bank had ties to convicted fraudster Jason Galanis.

USDC Central District of California