A federal court in Georgia has given initial approval to a $2 million settlement in a class action accusing United Bank Corp. of unlawfully removing former employees from its Employee Stock Ownership Plan (ESOP) and denying them proceeds from a $23.3 million dividend.
U.S. District Judge Marc T. Treadwell on Friday certified the class and granted preliminary settlement approval in the Employee Retirement Income Security Act (ERISA) lawsuit filed by former United Bank workers Ruth Davis and Jim Ogletree.
Settlement Details
According to the order, roughly 74 class members, all former ESOP participants, will each receive over $27,200 from the settlement — about 43% of what they could have earned at trial. Judge Treadwell will consider attorney fees during a final approval hearing scheduled for March 26.
Davis, a 25-year bank veteran, and Ogletree, who served over a decade, filed their lawsuit in September 2024. They alleged that their years of service and ESOP participation allowed them to accumulate substantial stock in the bank, which they expected to hold until retirement.
