Reliance Trust to Pay $22.5 Million in Labor Department Lawsuit

The Labor Department received court approval for a deal requiring Reliance Trust Co. to pay $22.5 million to settle claims over its handling of a recreational vehicle rental company’s employee stock ownership plan.

The consent judgment, entered Wednesday in the US District Court for the District of Arizona, requires Reliance to pay about $20.4 million to the RVR Inc. Employee Stock Ownership Plan. This money is slated to benefit people who participated in the plan as of 2014, when RVR Inc.'s corporate directors and sole shareholders sold 100% of the company’s stock to the plan for $105 million.

The ...