Rock Hill, SC: Shareholders filed a class action lawsuit against the now defunct bank allegedly financial loan fraud. In July 2002, Rock Hill Bank and Trust (RHB&T) had to fire its president for irregularities in the commercial loan department. The bank was sold to South Financial Group when an investigation revealed it needed $20 million to cover problem loans. The class action claimed the bank had losses for two straight years because of employee misconduct and alleged officers and directors failed to monitor employee and loan activity. RHB&T has agreed to a preliminary $2.1 million class action settlement. (Dec-15-06)[]
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