The Bank Slate


Arrow in N.Y. close to settling shareholder litigation

Arrow Financial in Glens Falls, N.Y., said it has agreed to settle a class-action complaint.

The $4.2 billion-asset company said in a press release that it reached an agreement in principle to settle the complaint, filed in U.S. District Court for the Northern District of New York by Robert Ashe.

The lawsuit, filed against Arrow and certain former and current executives, alleged that they made “materially false and misleading statements” about the company’s business, operations and compliance policies between March 2022 to May 2023.

While Arrow provided no details about the proposed settlement, it said that it should not have a material effect on financial results.

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