The lawsuit came shortly after First Republic Bank reported a loss of $102 billion in the first quarter of the year, according to Reuters.
A Florida police pension fund filed a lawsuit against First Republic Bank this week after the fund lost over $600,000 in stocks.
On Tuesday morning, lawyers for the City of Hollywood Police Officers Pension Fund filed a class action lawsuit in the District Court in the Northern District of California against the First Republic Bank alleging that the bank"misrepresented the strength of the Company's balance sheet, liquidity, and position in the market."
"Among other things, the Defendants understated and concealed the magnitude of the risks facing the Company's business model that would result from any decision by the Federal Reserve System raising the federal funds rate, thereby undermining the value of the Company's loan and securities portfolios and liquidity," the lawsuit said.
The lawsuit came shortly after First Republic Bank reported a loss of $102 billion in the first quarter of the year. During that time, First Republic Bank had a decrease of 58 percent in depositors and also said that it planned to cut a quarter of its workforce, Reuters reported. A person walks past a First Republic Bank branch in Manhattan, on April 24, 2023. A Florida police pension fund filed a lawsuit against First Republic Bank on April 25, 2023, which reported a loss of $102 billion in the first quarter of the year.The lawsuit includes a list of shares that the City of Hollywood Police Officer Pension Fund purchased and sold in the First Republic Bank.
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