FM Trust reaches tentative 10M settlement in class action
The settlement, which requires court approval, would close out claims arising from allegedly improper oversight of funds first held by
The cost will be reflected in F&M Trusts fourth-quarter earnings for 2017, said
Henry declined to forecast the banks eventual results. But for the first nine months of 2017, the banks parent,
The $ million hit wont derail the Chambersburg based bank from its plans moving forward, said Henry, adding that the bank will remain well capitalized. "This doesnt keep us from looking at 201 with great expectations."
The bank has assets of about
The lawyer,
The plans, which covered more than 500 participants, involved employer-owned life insurance policies for company principals and employees. Those participants are the class covered by the proposed settlement with
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If and when preliminary approval is granted, class members will be notified and then the settlement will move toward final approval, Silverstein said.
It would represent the fifth class-action settlement of claims arising from Koreskos actions, Silverstein said. The four others, totaling about
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