Shapiro & Olander settles with First Mariner

November 14, 1998|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

Shapiro & Olander has paid First Mariner Bancorp more than $100,000 to settle a dispute arising out of the bank's effort to buy a stake in a Glen Burnie financial institution.

First Mariner claimed its effort a year ago to buy a 19 percent stake in Glen Burnie Bancorp was derailed when Shapiro & Olander, a Baltimore law firm, mistakenly filed documents with the U.S. Securities & Exchange Commission that detailed the purchase.

"Although we rightly asserted that the claim was without merit, we sat down with First Mariner's counsel and reached an amicable settlement on a business basis," Christopher Olander, the law firm's managing partner, said last night.

Olander said the cost of the settlement was less than what it would have cost to litigate the case and was not as much as First Mariner had sought.

He declined to reveal the exact amount of the settlement or how much First Mariner had sought.

Pub Date: 11/14/98

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