In a stunning revelation, the settlement discloses that of the $6 million, $2 million will enrich Moore’s attorneys, with Moore herself receiving a $17,500 service award. The rest? It’s destined for approximately 119 former VCB employees, wronged and robbed of their rightful ESOP distributions.
The Defendants’ Persistent Denial
Despite the overwhelming narrative of financial injustice, the defendants maintain their innocence, steadfast in their denial of any wrongdoing. The story was set to climax at a trial in October, but fate had other plans. A settlement conference in August led to a preliminary agreement, steering the saga towards a resolution rather than a courtroom showdown.
janice Moore $6M Deal To End ESOP Suit : A Legal Labyrinth
U.S. District Judge Norman K. Moon played a pivotal role in this saga. He denied Blue Ridge’s bid for summary judgment in March, affirming Moore’s allegations of financial harm. Moore accused the defendants of a devious scheme: inflating stock prices for their enrichment, leading to a windfall of $1.5 million in 2007. This scheme, Moore alleged, left her and others with significantly diminished retirement benefits, while the bank executives lined their pockets.
janice Moore $6M Deal To End ESOP Suit : The Aftermath and Silence
Moore’s representatives, including Zev. H. Antell, have maintained a stoic silence, declining to comment. The defendants’ representatives were equally silent, not responding to requests for comments.
