Lawsuit Against Former Sterne Agee Board of Directors to Proceed
"A recent ruling regarding a lawsuit filed against what was formerly Birmingham's largest, privately owned investment firm has pushed the case forward," states the Birmingham Business Journal (Feb. 13, Coker). On Friday, the Alabama Supreme Court unanimously ruled against a petition by Sterne Agee's former board of directors. The petition was to appeal a decision that reversed a judgment dismissing shareholders' claims that alleged ex-CEO James Holbrook Jr. breached his fiduciary duty to the company's shareholders by "misusing, misappropriating, and wasting corporate assets." They further charged the board with knowing about and being complicit in the alleged misconduct.
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