Scottish Daily Mail



SIGNATURE Bank and three former executives are being sued by shareholde­rs.

They accuse the New York lender of fraudulent­ly proclaimin­g it was financiall­y strong a mere three days before it collapsed.

The proposed class action against Signature and its former chief executive Joseph DePaolo, chief financial officer Stephen Wyremski and chief operating officer Eric Howell was filed in the federal court in Brooklyn.

Founded in 1999, Signature has in recent years made a push into cryptocurr­ency but folded on Sunday. It ended 2022 with £90bn of assets and more than £70bn of deposits.

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