November 17, 2017 / 10:04 PM / 9 months ago

Labor Department, First Bankers settle retirement plan lawsuits

First Bankers Trust Services has agreed to pay $15.75 million to resolve three lawsuits by the U.S. Department of Labor alleging that it allowed employee stock ownership plans it was overseeing to overpay for the employees’ company stock.

The lawsuits, filed in federal courts in Manhattan, White Plains, New York and Trenton, New Jersey, had accused the bank of violating the Employee Retirement Income Security Act (ERISA) by failing to ensure that the stock was bought at a fair price.

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