Bank Inks $2M Settlement Over Handling Of ESOP Buy

Law360 (October 27, 2020, 10:01 PM EDT) -- Lubbock National Bank has agreed to pay $2 million to resolve an ERISA suit alleging the bank allowed TBM Consulting Group workers to get ripped off when their employee stock ownership plan bought shares from the consulting company's former CEO for $10.5 million.

In their joint motion Monday, Lubbock National Bank, TBM Consulting Group Inc. and the executives who brought the Employee Retirement Income Security Act suit asked a North Carolina federal judge to approve the settlement they reached in the case.

TBM Consulting and the executives — Bill Remy, Michele Bennett, Dan Sullivan and Ken Koenemann — sued Lubbock in...

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