Carter Bankshares (CARE) has released an update.
Don't Miss Our Christmas Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Carter Bankshares, Inc. is embroiled in a lawsuit filed by GLAS Trust Company LLC seeking to recover $226 million related to financing transactions that took place between 2018 and 2019 involving West Virginia Governor James C. Justice II’s family businesses and the now-insolvent Greensill. While Carter Bank received funds in what it claims were ordinary repayment transactions, GLAS alleges these were part of a scheme defrauding investors. Carter Bankshares and Carter Bank, asserting that the allegations are false, intend to vigorously defend against the claims and leverage a pre-existing indemnity agreement with Justice’s entities, which includes substantial collateral, to protect against losses from the lawsuit.
For further insights into CARE stock, check out TipRanks’ Stock Analysis page.
