A Virginia bank has offered $6 million to settle claims that executives dipped into a pension fund for its employees, breaching fiduciary obligations, according to court papers.
In 2019, Virginia Community Bank, now known as Blue Ridge Bank after a merger, was hit with a class action lawsuit representing around 78 employees. The suit alleges that company executives used the pension fund to buy company stock at an inflated value, despite having “inside information” of the stock price’s imminent decline.
Read the full story in the Richmond Times-Dispatch.
