Reliance Trust Inks Deal To End $85M Stock-Buy ERISA Row

Law360 (January 14, 2020, 6:27 PM EST) -- Reliance Trust Co. has reached a settlement with a proposed class of RVNB Holdings Inc. workers who had accused the company of allowing them to grossly overpay for their employer’s stock, the parties told a federal judge in Texas on Monday.

Reliance, which is the trustee for the RVNB stock ownership plan, was hit with the proposed class action in June 2018, when former employees of the storage and moving company, Jessica Casey and Jason Coleman, alleged it had violated its fiduciary duties under the Employee Retirement Income Securities Act by making workers pay too much — $85 million — for...

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