Pacific Capital Bancorp Settles Lawsuit

Pacific Capital Bancorp (PCBC), the parent company of Santa Barbara Bank & Trust, has settled a class-action lawsuit contesting its merger with UnionBanCal Corporation, the parent company of Union Bank, according to a tentative ruling by Superior Court Judge Colleen Sterne. The court, however, has not received written notice of the settlement. Sterne’s tentative ruling granted PCBC’s motion to have sensitive financial documents sealed and to quash its service of summons.