Evolve Bank’s $6.5 Million Loss to Labor Department Will Stand

Evolve Bank and Trust lost its bid to undo a $6.5 million judgment in a Labor Department lawsuit accusing the company of mishandling an employee stock ownership plan transaction, according to a ruling by the Western District of Virginia.

Senior Judge Norman K. Moon denied Evolve’s motion for a new trial and declined to alter his 2019 decision holding Evolve and Adam Vinoskey, the chief executive of Sentry Equipment Erectors Inc., liable for the amount that Sentry’s employee stock plan overpaid for Vinoskey’s stock. Evolve’s bid to get a new trial based on the Labor Department’s alleged lack of standing ...