United Bank Corporation ESOP Litigation
A settlement has been reached in this case and a fairness hearing is set for March 26, 2026.
For questions about the settlement procedures or forms and information about you including your settlement payment, please contact the Settlement Administrator:
Davis v. United Bank Corp. Retirement Plan Comm.
c/o CPT Group, Inc.
PO Box 19504
Irvine, CA 92623
1-(888) 271-0936
For additional information about the settlement, please visit www.unitedbankesoplawsuit.com
For questions about the Lawsuit or the Settlement overall (and if the Settlement Administrator cannot answer your questions), please contact Class Counsel at ubcesop@thebartonfirm.com
Summary of Lawsuit
This lawsuit alleges the fiduciaries of the United Bank Corporation Employee Stock Ownership Plan violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by forcing the liquidation and sale of United Bank stock in the Plan held by former employees and paying less than fair market value.
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The participants of the United Bank Corporation Employee Stock Ownership Plan (the “ESOP” or the “Plan”) hold United Bank Corporation stock through their ESOP accounts. Under the terms of the Plan, former employes who are participants were entitled to continue to hold company stock in their ESOP accounts until age 65.
Despite the right by former employee, to hold company stock in the Plan the United Bank stock of former employees in the Plan was involuntarily liquidated and converted to cash in October 2021. This removed the rights of Plaintiffs and the Class to continue to hold company stock and to take a distribution in the form of stock instead of cash. In December 2021, an amendment to the Plan was retroactively adopted effective September 23, 2021 to eliminate the right of former employees to continue to hold company stock until age 65.
Shortly after former employees were forced out of the ESOP, the Plan recognized a dividend of $23,307,638 in 2022 on the company stock. As a result of the 2021 Plan amendment, Plaintiffs and the Class could not share this substantial dividend or any future appreciation of company stock.
The 2021 Plan amendment also attempted to impose a binding arbitration provision and limit plan-wide remedies available under ERISA on former employees although they had been forced out as a participants prior to that date.
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This lawsuit is brought on behalf of the following Class:
Participants in the United Bank Corporation Employee Stock Ownership Plan who terminated employment with UBC prior to September 23, 2021, who had not reached age 65 when the UBC stock in their Plan account was liquidated, and the beneficiaries of such participants.
Excluded from the Class are Defendants and their immediate families, any other fiduciaries of the Plan and their immediate families; the officers and directors of United Bank Corporation and United Bank and their immediate families, and legal representatives, successors, and assigns of any such excluded persons.
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The Complaint was filed on September 23, 2024 in the Middle District of Georgia.
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A mediation session was held on June 11, 2025 with an experienced mediator. The parties reached a settlement agreement which was formalized in an executed settlement agreement on September 22, 2025.
Under the terms of the settlement, Defendant will pay the Settlement Payment of $7,000 to resolve all claims of the Class.
Plaintiff filed a Motion for Class Certification on September 24, 2025 and Motion for Preliminary Approval of Settlement on September 24, 2025.
On November 7, 2025, the Court granted the Motion for Preliminary Approval of the Settlement and granted the Motion for Class Certification.
Plaintiff filed a Motion for Final Approval on March 5, 2026. The United States District Court for the Middle District of Georgia granted Final Approval on March 27, 2026.
The Court issued Final Judgment on March 30, 2026.
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Whom to Contact for More Information
If you are a member of the proposed class or you have information which might assist us in the prosecution of these allegations, please contact one of the following persons:
R. Joseph Barton, Esq. jbarton@thebartonfirm.com
Ming Siegel, Paralegal ming@thebartonfirm.com
The Barton Firm LLP
1633 Connecticut Ave. NW Suite 200
Washington, DC 20009
(202) 734-7046
The Barton Firm LLP is co-counsel in this litigation with Barnes Law Group, LLC.