July 21, 2014 - The court held a final settlement hearing, approved the settlement and entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissing the action with prejudice.
May 15, 2014 - The court preliminarily approved the settlement.

April 7, 2014 - Parties filed a stipulation of settlement.

December 10, 2012 - The court denied the individual defendants motion to dismiss and granted Deloitte & Touche LLP's motion to dismiss.

September 15, 2012 - The lead plaintiffs filed a redacted version of the third amended complaint.

August 29, 2012 - The court granted in substantial part the lead plaintiffs' motion to file a redacted third amended complaint.

August 13, 2012 - The defendants filed motions to dismiss.

July 16, 2012 - The lead plaintiffs filed a motion to file a supplemental third amended complaint.

June 29, 2012 - The lead plaintiffs filed a third amended complaint.

June 7, 2012 - The court granted the defendant’s motion to dismiss and denied plaintiffs’ cross motion to strike.

March 20, 2012 - The defendants filed a motion to dismiss.

February 10, 2012 - The lead plaintiffs filed a second amended complaint.

February 22, 2011 - The court denied the defendants' motion to dismiss.

December 3, 2010 - The defendants filed a motion to dismiss.

October 28, 2010 - The lead plaintiffs filed an amended complaint.

August 16, 2010 - The lead plaintiffs and lead counsel were appointed.

July 6, 2010 - A lead plaintiff motion was filed.

May 5, 2010 - An investor in shares of First Regional Bancorp (OTC: FRGBQ) filed a lawsuit in the U.S. District Court for the Central District of California against First Regional Bancorp over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 1, 2007 to January 29, 2010.

Trading in First Regional Bancorp's stock was suspended on January 29, 2010, and resumed on February 10, 2010. The NASDAQ Stock Market announced on February 25, 2010 that it would delist the common stock of First Regional Bancorp, and it has since traded on the OTC Bulletin Board (better known as the pink sheets where penny stocks are traded). It is anticipated that First Regional Bancorp will shortly file for protection from creditors under the bankruptcy laws since it has now lost its principal asset, the Bank, and is obligated for the repayment for trust preferred debt that remains outstanding as well as other debt.

According to the complaint, First Regional Bancorp and certain of its officers and directors had taken on substantial fiduciary responsibilities through its Trust Administrative Services ( TAS ) Division and through the handling of IRA accounts administered by third parties, none of which activities First Regional Bancorp was able to handle competently or prudently.

Further, the plaintiff alleges that First Regional Bancorp became a vehicle for money laundering and otherwise facilitated criminal activity claiming that between January 1, 2007 to January 29, 2010 at the times that they held their respective positions with First Regional Bancorp, the defendants had knowledge of the foregoing while concurrently proclaiming the health of their financial condition as well as falsely proclaiming that First Regional Bancorp was well capitalized when they knew or should have known that it was not.