The Bank Slate

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Pioneer in NY to receive $6M from legal settlement

Pioneer Bancorp in Albany, N.Y., is set to receive nearly $6 million after settling a lawsuit against an accounting firm.

Teal, Becker & Chiaramonte agreed to make the payment to the $2 billion-asset Pioneer to resolve claims the accounting firm provided inaccurate financial statements for a loan applicant.

Pioneer has alleged that the borrower, Valuewise, used the financial statements to defraud the bank.

Pioneer’s lawsuit was filed on Dec. 1, 2020, in the Supreme Court of the State of New York. A motion by the accounting firm to have the case dismissed was denied in October 2022.

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