Orion Bank Officers Get Most ERISA Claims Slashed

Law360, New York (September 26, 2011, 6:13 PM EDT) -- A Florida federal judge on Monday trimmed a class action accusing Orion Bancorp Inc. of failing to disclose its declining financial stability while encouraging employees to invest in company stock, finding many allegations lacked sufficient factual information.

U.S. District Judge John Steele dismissed without prejudice most of the Employee Retirement Income Security Act claims contained in the plaintiffs' putative class action, but allowed the handful that specifically accused Orion CEO Jerry Williams of violating his fiduciary duty to remain.

The employees brought the case in April...
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