Reliance Trust and DOL reach settlement on Tobacco Rag suit

In Acosta v. Reliance Trust Co., Inc., E.D.N.C., No. 5:17-cv-00214-D, consent judgment 9/18/18, Reliance Trust agreed to pay $4.5 million to settle a DOL lawsuit that alleged the investment banking firm caused the ESOP at Tobacco Rag Processors, Inc. to overpay for company stock.