Perez v. PBI Bank, Inc.

OPINION AND ORDER

PHILIP P. SIMON, Chief Judge.

The U.S. Department of Labor brings this action against PBI Bank, alleging that the Bank violated the Employee Retirement Income Security Act by its actions as the Trustee’ of the Employee Stock Ownership Plan of The Miller’s Health Systems, Inc. The Plan is also named as a defendant in the complaint, but in essence is the victim of the Bank’s alleged wrongdoing and the intended beneficiary of this lawsuit. The complaint alleges that on behalf of the Plan, the Bank overpaid for company stock at a price of $40 million based on an inflated valuation…