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Remy et al v. Lubbock National Bank

  1. October 27, 2020

    Bank Inks $2M Settlement Over Handling Of ESOP Buy

    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.

  2. August 09, 2019

    Financial Adviser, Ex-CEO Dodge Suit Over $10.5M ESOP Buy

    A North Carolina federal judge has let a financial adviser and company executive off the hook in a suit alleging an employee benefit plan was allowed to buy overpriced company stock, finding that a Texas bank can't make them shoulder some of the blame since they aren't fiduciaries.

  3. October 31, 2018

    Bank Says Financial Adviser Shares Blame In ERISA Fight

    A Texas bank told a North Carolina federal judge Tuesday that a financial adviser that allegedly miscalculated a company's stock price should share the blame for allegedly allowing overpriced stock to be sold to an employee benefit plan, urging the judge to torpedo the adviser's attempt to skirt liability.

  4. July 06, 2018

    Texas Bank Countersues Consultants For $10.5M Stock Buy

    A Texas bank facing allegations of flubbing a $10.5 million stock purchase for a consulting firm's benefit plan hit the firm with a countersuit Thursday, telling a Texas federal judge the firm and several associated individuals and entities should help the bank pay any monetary judgment that is assessed.

  5. June 01, 2018

    Bank Must Face ERISA Suit Over $10.5M Stock Purchase

    A management consulting firm's employees can bring their suit alleging that a bank flouted the Employee Retirement Income Security Act as their employee stock ownership plan's trustee, a North Carolina federal judge ruled Thursday, though she found that the statute preempted the firm's negligent misrepresentation claim against the bank.