The agreement (the LNB agreement) obliges Lubbock National Bank (LNB) to follow certain procedures when acting as trustee or other agent of an employee share ownership plan, in accordance with Title I of the Job Security Act 1974, as amended (ERISA), in transactions in which an ESOP buys or sells. intends to buy or sell or receive an offer to buy or sell unlisted employer value securities. The case is Scalia v. The Farmers National Bank of Danville, U.S. District Court (S.D. Ind.), Case No. 1:20-cv-674 (February 28, 2020). To view the order of consent and judgment as well as the integrated procedural agreement, click here. The same day the U.S. Department of Labor (DOL) filed a lawsuit against the Farmers National Bank of Danville (ETF) and weddle Brothers Construction Company Inc.
The list of control-related factors, as defined in the ETF agreement, is largely separate from the usual conceptions of corporate governance and shareholder rights, and the compensation rules create a costly, unnecessary, and probably impossible to implement framework for the implementation of legally permitted indemnification agreements. . . .