Republic Bancorp, Inc.
Robbins Umeda LLP Announces an Investigation of Republic Bancorp, Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Republic Bancorp, Inc. (NASDAQGS: RBCAA). Republic Bancorp operates as the holding company for Republic Bank & Trust Company and Republic Bank, which provides banking, tax refund solutions, and mortgage banking services to individuals and businesses in the United States. The company was established in 1974 and is headquartered in Louisville, Kentucky.
Robbins Umeda LLP’s investigation focuses on whether the directors and officers of Republic Bancorp harmed the company by breaching their fiduciary duties to shareholders by causing or permitting the company to use a deficient credit underwriting process and operate without sufficient underwriting.
Recently, the FDIC proposed a $2 million fine against Republic Bancorp for alleged violations associated with the company’s refund anticipation loan programs (“RAL”). In February 2011, the FDIC ordered Republic Bancorp to stop issuing loans through their RAL program, and to create a plan to wind down its RAL business, warning the company that its RALs were “unsafe and unsound.” The FDIC is also looking into whether the company violated federal regulations including the Truth in Lending Act in administering its RAL program, and whether Republic Bancorp coached its employees on how to respond to the FDIC’s examiners during its investigation of the program.
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