Ex-Orion CEO Wants Surviving ERISA Claims Tossed

Law360, New York (October 14, 2011, 6:16 PM EDT) -- The former CEO of failed Orion Bancorp Inc. on Friday asked a judge to reconsider allowing a handful of employee claims in a putative class action alleging the company failed to disclose its declining financial stability while encouraging employees to invest in company stock.

Jerry Williams said his decision to sell about $1 million in company stock to the company's retirement plan — a move that forced the plan to take on debt — is not in itself a violation of the Employee Retirement Income Security...
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