According to the Complaint, Sterling Bancorp, Inc. specializes in residential mortgages but offers a broad suite of products and services to individuals, professionals, businesses and commercial customers. The vast majority of the Company’s loans are to individuals and businesses in California.

The Complaint alleges that, throughout the Class Period, Defendants made untrue statements of material fact and omitted other facts necessary to make the statements not misleading and failed to disclose material facts concerning, inter alia, the Company's loan underwriting, risk management and internal controls, including repeatedly touting its strict underwriting, asset quality and the Advantage Loan Program.

On May 1, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on July 2.

On April 16, 2021, the parties entered into a Stipulation of Settlement. The Court granted preliminary approval of the Settlement on April 28. On September 23, the Court granted final approval of the Settlement and entered Final Judgment.

On October 26, 2022, the Court issued an Order approving the Class Distribution Plan.