United Community Banks Puts Up $3.5M To End ERISA Claims

Law360, Los Angeles (July 23, 2013, 10:09 PM EDT) -- United Community Banks Inc. has agreed to pay $3.5 million to a proposed class of pension plan beneficiaries alleging the plan's managers violated the Employee Retirement Income Security Act by continuing to invest in UCBI stock when it wasn't a prudent investment, according to court documents filed Tuesday.

Class representative Jonathan Alford submitted the settlement agreement to a Georgia federal court, seeking preliminary approval of the proposed settlement and preliminary certification of the settlement class. If approved, the settlement will resolve a nearly two-year-old suit against Blairsville, Ga.-based UCBI.

"Plaintiff and class counsel believe the proposed settlement is fair, reasonable and adequate, and...

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