Salt Lake Telegram | 1934-06-23 | Page 2 | Litigation Begun in Ogden Bank Case

LITIGATION BEGUN IN OGDEN BANK CASE GASE I Paves Way for Payment Payment Pay Pay- Payment ment by Directors OGDEN June 23 P John P John AMalia A A. Malia 1 Utah state banking com commis mis- mis through counsel for the closed State bank today launched extensive ex ex- litigation designed to pave the he way for the bank liquidators to accept approximately from the bank directors in satisfaction of theIr liability for lor the bank failure Through court action the bank commissioner com corn missioner seeks to eliminate the indi individual vidual suits brought by depos depositors tors against directors Directors have demanded demanded de de- de- de this as a condition of the set Commissioner Malia also seeks to clarify the situation as to preferred claims so that when the money is paid by the directors it readily can be made available to all the depositors