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California Federal Judge Sets Payments To ESOP, Bank Plan Participants

Mealey's (October 27, 2016, 12:19 PM EDT) -- SAN FRANCISCO — A California federal judge on Oct. 24 ordered the fiduciaries of the California Pacific Bank employee stock ownership plan (ESOP) to pay more than $150,000 in principal and lost interest to the plan and set the principal and interest owed to plan participants for the plan’s failure to liquidate and distribute plan assets to them after the ESOP was terminated (Thomas E. Perez v. California Pacific Bank, et al., No. 3:13-cv-03792, N.D. Calif.; 2016 U.S. Dist. LEXIS 147090).

(Opinion available.  Document #54-161109-031Z.)...
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