Judge Finds Bankshares Erred In Refusing To Pay Benefits Under ESOP

(September 25, 2017, 1:02 PM EDT) -- MONTGOMERY, Ala. — An Alabama federal judge on Sept. 12 granted judgment in favor of participants in an employee stock ownership plan (ESOP), finding that certain decisions a plan administrator made to deny the participants benefits were arbitrary and capricious and that the participants were entitled to an injunction ordering the administrator to pay them the benefits under the ESOP (Dave Bryant, et al. v. Community Bankshares Inc., et al., No. 14-1074, M.D. Ala., 2017 U.S. Dist. LEXIS 146973)....