According to an article published by the Orange County Register on June 6, 2012 http://taxdollars.ocregister.com/2012/06/06/lawsuit-settled-over-little-saigon-bank-failure/156261/ A federal lawsuit alleging fraud at failed First Vietnamese American Bank was quietly settled last week.
The settlement ended a three-way dispute among the bank, key customer AmeriNet LLC and Chatsworth businessman Masih Madani.
A detailed settlement agreement says that the bank’s insurer, Travelers, will pay $750,000 to AmeriNet and $100,000 to the attorneys for former bank officers Benjamin P. Palma-Gil and Robert Flores. The agreement says Travelers already “has paid $595,841.24 in excess of the $50,000 retention for defense fees and costs.”
Madani who has always denied any wrongdoing seems to have been exhonorated by the fact that the bank's insurers paid so much to settle.
The parties dismissed the case with prejudice,meaning it cannot be refiled. With the dismissal, those accusations go away.
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