Fifth Third Bank boosts investment in Detroit-based First Independence
Follows $3 million investment in 2008
Larger banks increasingly taking investment positions in minority banks
Kenneth Kelly
First Independence Bank, among the nation s largest Black-owned banks, continues to receive interest from larger lenders amid calls for more economic equity.
The Detroit-based First Independence, a minority depository institution and community development financial institution (CDFI), has received a follow-investment of $2.5 million from a community development subsidiary of Fifth Third Bancorp., according to a news release. The investment, announced on Monday, brings the Cincinnati-based Fifth Third s total investment in First Independence to $5.5 million since 2008, according to the release.
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Court of Chancery Orders Production of Emails, Denies Production of Privileged Communications in Books and Records Action
Emps.’ Ret. Sys. of R.I. v. Facebook, Inc.,
C.A. No. 2020-0085-JRS (Del. Ch. Feb. 10, 2021)
In a post-trial opinion, Vice Chancellor Joseph R. Slights III granted a stockholder’s request to inspect directors’ nonprivileged electronic communications, including emails, concerning settlement negotiations for the purpose of investigating whether Facebook overpaid in the settlement to protect its CEO, Mark Zuckerberg, from substantial personal liability.
In July 2019, in connection with a data breach, Facebook agreed to pay $5 billion to the Federal Trade Commission (FTC) in exchange for the release of claims against the company and Mr. Zuckerberg personally. Facebook stockholder Employees’ Retirement System of Rhode Island (ERSRI) sought books and records to investigate whether Facebook spent corporate assets to protect Mr. Zuckerberg. Facebook produced so
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