Thomas E. Perez, Secretary of the United States Department of Labor v. PBI Bank (Civ. Action 1:14-CV-01429-SEB-MJD) pertains to PBI Bank’s service as trustee for the AIT Laboratories Employee Stock Ownership Plan’s 2009 acquisition of AIT Holding Company.
PBI Bank and the DOL have agreed to resolve the case without the need for a trial. Neither AIT nor PBI Bank has acknowledged any wrongdoing in the matter.
As previously disclosed, the terms of the settlement agreement include a payment to the AIT Laboratories Employee Stock Ownership Plan, which was either previously reserved for or will be paid from insurance proceeds.
This matter will have no impact on PBI Bank’s financial condition or operating results and will resolve the need to spend additional company resources in litigation.
