A Kentucky-based community bank has settled an outstanding lawsuit brought by the Department of Labor in December 2013.

The DOL alleged that PBI Bank, Inc., breached its fiduciary obligations under the Employee Retirement Income Security Act in its role as trustee to Miller's Health Systems Employee Stock Ownership Plan.

In the suit, the DOL claimed that in 2007, participants in Miller's Health ESOP paid $40 million to acquire stock in the Warsaw, IN-based manager of long-term care and assisted-living facilities.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.