Banq, which filed for bankruptcy last year, was dismissed by a US judge who said the filing was to protect the company and its executives from ongoing litigation by creditors. Banq and its chairperson, Jon Jiles, were sued by creditor N9, accusing Jiles of failing to meet his fiduciary duties. Judge Natalie M. Cox, who heard the case, called the bank's filing a "malicious" strategy to "gain an advantage in pending litigation" rather than restructure. In his ruling, Judge Cox wrote that the bankruptcy proceeding was a tactic to protect Banq and its founder, Jon Jiles, from investor lawsuits initiated by N9, the company's principal creditor with a $3 million stake. N9 accused Jiles of failing to meet his fiduciary duty to put the interests of Prime Trust, of which he was a founder and managing member, ahead of Banq's.