United Bank Signs $2 Million Settlement Over Forced Stock Sale

United Bank Corp. will pay $2 million to resolve litigation by former workers who say they were wrongly forced to sell the company stock they held in their employee stock ownership plan.

The proposed deal would provide average gross payments of nearly $27,000 to about 74 participants in the United Bank ESOP who had their shares liquidated in 2021. It represents 43% of their maximum potential damages on their class claims, according to a Wednesday motion asking the US District Court for the Middle District of Georgia to preliminarily approve the deal.

A separate proposed agreement, filed confidentially, would allow ...