Boston Bancorp Sues Ousted President's Brother

By Epstein, Jonathan D. | American Banker, April 10, 1995 | Go to article overview

Boston Bancorp Sues Ousted President's Brother


Epstein, Jonathan D., American Banker


Several weeks after the two top executives of Boston Bancorp resigned, the embattled company is suing the former president's brother, accusing him of grossly overcharging the thrift company by at least $80,000 in brokerage fees.

The $2 billion-asset company claims Lloyd W. Archibald and his firm, Schneider Securities Inc., violated a 1993 agreement to charge no more than 8.5 cents per share for stock transactions on behalf of the thrift.

The lawsuit accuses the broker of actually charging up to seven times the negotiated fee and then concealing the excess charges in each transaction and "grossly" understating the total fees paid each year.

The lawsuit, filed last week in Suffolk County Superior Court, accuses the brother of former president Paul A. Archibald of breach of contract, fraud, misrepresentation, unfair and deceptive trade practices, and breach of fiduciary duty.

The suit demands a full accounting of all brokerage fees from 1983 to 1994, when Lloyd Archibald served as broker for the thrift company. Boston Bancorp is seeking an undetermined sum - estimated to be at least $80,000 - as well as triple damages.

The broker called the charges "false. …

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