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TRENTON, N.J. (AP) - Commerce Bancorp will not have to pay shareholders who took a financial hit after two company executives were indicted in a Philadelphia City Hall corruption case last year, a judge has ruled.
In an opinion dated Monday, U.S. District Judge Robert B. Kugler dismissed a claim brought by eight shareholders against the Cherry Hill-based bank.
The shareholders claimed that company executives knew the firm was breaking the law as it misled shareholders about how well it was doing. Plaintiffs also claimed the bank violated federal law by not disclosing its wrongdoing. Lawyers were seeking class-action status for the case.
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