Company: USCB
Filing Date: 2025-03-14
Form Type: 10-K
Source: 0001562762-25-000043
Chunk: 15

Company: USCB FINANCIAL HOLDINGS, INC.
Filing Date: 2025-03-14
Form: 10-K
Item: Item 3
Chunk 15
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We are not currently subject to any material legal proceedings. We are from time to time subject to claims and litigation 

arising in the ordinary course of business. These claims and litigation may include, among other things, allegations of 

violation of banking and other applicable regulations, competition law, labor laws and consumer protection laws, as well as 

claims or litigation relating to intellectual property, securities, breach of contract and tort. We intend to defend ourselves 

vigorously against any pending or future claims and litigation. 

The Company previously disclosed that litigation (the “Litigation”) had been commenced on July 13, 2023 by three 

individuals who were shareholders of the Bank prior to the Bank’s reorganization into the holding company form of 

organization in 2021 (the “Plaintiffs”) against six persons, all of whom were directors of the Bank at the relevant time (the 

“Defendants”), in the Circuit Court, Eleventh Judicial Circuit for Miami-Dade County, Florida (the “Court”) (Benes et al. v. de 

la Aguilera et al.) alleging the Defendants (i) caused the Bank, as directors thereof, to engage in ultra vires conduct by 

devising and approving the exchange transaction effected in July 2021 pursuant to which the Bank’s then outstanding 

shares of Class C and Class D preferred stock was exchanged for shares of Class A voting common stock in the Bank (the 

“Exchange Transaction”), which action the Plaintiffs allege was not permitted by the Bank’s Articles of Incorporation, and 

(ii) breached their fiduciary duty as directors of the Bank by approving and engaging in the Exchange Transaction. The 

Plaintiffs sought the Court to certify the action as a class