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Virginia M. Damon Trust v. Mackinac Financial Corp. f/k/a North Country Financial Corp., Case No. 03-CV0135 (W.D. Mich.)

Plaintiff, a long-time shareholder of the bank, retained WW to pursue a derivative action on behalf of Mackinac Financial Corporation, f/k/a/ North Country Financial Corporation ("the Bank"), a banking institution based in Michigan. The Virginia Damon Trust alleges that the Bank underwent years of gross mismanagement that ultimately resulted in cease and desist orders from the Federal Deposit Insurance Corporation and the Michigan Office of Financial and Insurance Services. The lawsuit focused on the former Chief Executive Officer of the Bank during the seriously troubled years. The Court recently granted preliminary approval of a settlement in the amount of six million dollars.