Penn Bank Directors Liable for Deposits Drawn During Crash
Judge Ewing rules Penn Bank directors must repay funds they drew before the bank failed while other directors were cleared of liability. Thomas Hare and Samuel Severance are ordered to pay back specific amounts with interest, as insolvency was known before withdrawals. The decision, in Allegheny County court, excludes malfeasance and will be appealed to the state Supreme Court.
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