A Louisville bank must pay back to a Warsaw based employee stock ownership plan.
In a federal ruling, PBI, a subsidiary of Porter Bancorp of Louisville, was part of a lawsuit saying the bank violated the Employee Retirement Income Security Act after the company was purchased by stock ownership for more than fair market value.
According to the Journal Gazette, the judgement would require PBI to pay $83,750 to the Warsaw-based Miller's Health Systems, as well as penalties of $113,636 for violations.
In all, the company must pay $1.05 million to the nursing home's employee stock ownership plan for Miller's Health System.
