Texas Bank Countersues Consultants For $10.5M Stock Buy

Law360 (July 6, 2018, 6:18 PM EDT) -- A Texas bank facing allegations of flubbing a $10.5 million stock purchase for a consulting firm's benefit plan hit the firm with a countersuit Thursday, telling a Texas federal judge the firm and several associated individuals and entities should help the bank pay any monetary judgment that is assessed.

In the countersuit, Lubbock National Bank said TBM Consulting Group Inc., its board of directors and two companies should be held liable for an alleged overvaluation of stock shares that led to a questionable $10.5 million stock purchase by TBM's employee stock ownership program, or ESOP.

Lubbock National Bank, a trustee of...

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