Misrepresentation Case Against Bank Directors, Officers, and Accountant Comes to Federal Court in Maine

Wednesday, April 25, 2012

A case accusing former directors and officers of the Savings Bank of Maine Bancorp and its auditor alleging misrepresentation and professional malpractice in connection with an $18 million loan just landed on Maine shores.  The complaint alleges that the loan was written down by half to $9 million.

The case, Bankers' Bank Northeast v. Ayer, et al., Docket No. 1:12-cv-00127-GZS was pending for about 14 months in Connecticut federal court until that court granted a motion to dismiss for lack of personal jurisdiction as to one of the defendants and, instead of dismissing, transferred the case to federal court in Maine.  The case was formally entered on the docket of the Maine federal court on April 17, 2012.  The case has been assigned to Judge George Z. Singal. 

Last week, the Bangor Daily News published an article covering the transfer of the case and summarizing some of the allegations, which defendants have denied, "Federal Suit Against Former Maine Bank Officials, Accountant Moved to Bangor Court."

Preti attorneys Gregory P. Hansel and Sigmund D. Schutz have been selected as Maine counsel to defend a group of former Bank officers named in the lawsuit.

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