Virginia Community Bank Stock Plan Suit Settles for $6 Million

A former Virginia Community Bankshares Inc. employee announced a $6 million class settlement in her lawsuit saying workers got a bad deal when their employee stock ownership plan was terminated.

The deal is expected to provide average net payments of more than $30,000 to each of 119 people who participated in the plan between January 2007 and December 2018, according to a settlement motion filed Tuesday in the US District Court for the Western District of Virginia. Class counsel are authorized to request up to $2 million in attorneys’ fees, and the deal allows named plaintiff Janice Moore to receive ...