Depositors Complain Bank U.S. Debtors Settled for Fraction
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Depositors Complain Bank U.S. Debtors Settled for Fraction

About 1,500 stockholders in the defunct Bank of United States who are alleged to have settled debts to the institution for a small fraction of the amount owed, will be the defendants in a suit to be brought next Monday, depositor plaintiffs claiming1 that a full settlement woud have guaranteed dollar for dollar payment of their savings, only about.half of which has been salvaged.

The trial will decide whether the stockholders are liable for the bank’s obligations to depositors to the extent of $25 a share. Plaintiffs claim that the average settlement accepted from firms and individuals who borrowed money from the bank aver-aved fifty percent, and in some instances ten percent. One case was reported where a $9,507 deht was settled for $250.

Superintendent of Banks Broderick could not be reached for comment.

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