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Community West Sues Deloitte & Touche

October 11, 2000|Bloomberg News

Community West Bancshares sued Deloitte & Touche, alleging the international accounting firm provided deficient audit and financial consulting services that resulted in the bank's restatement of its 1998 earnings. Community West filed suit in Los Angeles County Superior Court, seeking more than $60 million in compensatory damages. Officials at Deloitte were not immediately available for comment. Goleta-based Community West is the holding company for Goleta National Bank and Palomar Community Bank. The company in April restated its operating results for fiscal years 1998 and 1999. The Office of the Comptroller of Currency, supervisor of the nation's banks, required the restatement after notifying Community West its capital positions had been incorrectly calculated as part of several earlier loan securitization programs. Community West's shares rose 13 cents to close at $5.25 on Nasdaq.

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