First Bankers Trust Agrees to Amended Settlement in SJP Case

In Acosta v. First Bankers Tr. Servs., Inc., No. 3:12-cv-04450-MAS-DES (D.N.J., consent order November 19, 2017), First Bankers Trust agreed to an $8 million settlement in a case alleging overvaluation of shares purchased by an ESOP at SJP Group. The deal comes eight months after a district court ordered a $9.6 million settlement. First Bankers appealed and now has agreed to settle the case for $8 million. The reduction comes from the Department of Labor agreeing to waive a $1.6 million penalty.