Synovus settles Class Action Lawsuit - WLTZ 38 | Columbus Georgia Regional News & Community

Synovus settles Class Action Lawsuit

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By Staff Reports (Columbus, GA)- It took just 19 minutes in a North Georgia Federal Courtroom today to end four years of litigation against Synovus Financial, the parent company of Columbus Bank and Trust.

A group of shareholders with Pompano Beach Employees Retirement filed the civil suit over financial losses as a result of a bad loan to Sea Island.

The shareholders maintained Synovus stock (SNV) was inflated for several months even after the company became aware of the pending default on the multi million dollar loan to Sea Island.    

The approved settlement includes nearly a million dollars paid in attorneys fees to litigate the class action lawsuit .

Synovus still owes the federal government more than $900 million dollars in TARP funds after a bailout in 2007 sparked by the housing crash.

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