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ARTICLE · 24 NOVEMBER 2010

Florida Class Action Plaintiffs Win First Financial Crisis Jury Trial

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Following a four-week trial and three days of deliberations, a nine-member jury concluded that Florida-based BankAtlantic Bancorp and two of its executives intentionally misled investors about the bank’s troubled real estate loan portfolio during 2007’s economic downturn.

United StatesLitigation, Mediation & Arbitration
Joseph De Simone
Joseph De Simone
Domenic Cervoni
Domenic Cervoni
John Tharp, Jr.
John Tharp, Jr.
S. Christopher Provenzano
S. Christopher Provenzano
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Originally published November 22, 2010

Keywords: Florida, class action plaintiffs, crisis jury trial, BankAtlantic

Following a four-week trial and three days of deliberations, a nine-member jury concluded that Florida-based BankAtlantic Bancorp and two of its executives intentionally misled investors about the bank's troubled real estate loan portfolio during 2007's economic downturn. The jurors found that BankAtlantic, CEO Alan B. Levan and CFO Valerie Toalson knowingly made eight false or misleading statements in financial filings with the Securities Exchange Commission regarding the extent of high risk loans in its so-called "land loan" portfolio.

The plaintiffs had demanded damages of $3.52 per share. Working their way through the complex, 52-page verdict form, the jury ultimately awarded damages of $2.41 per share to investors who purchased the company's stock between April 26 and October 26, 2007. The total amount of damages has not been determined,

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