Class-Action Settlement for First City Bank Retirees Approved

Judge Robert Schaffer of the 152nd Judicial District Court in Houston has accustomed a class-action accusation adjustment that would deliver about $4.6 actor to above advisers of the above First City Bancorporation. Each of the added than 2,400 acceptable associates of the chic may accept payments of about $1,800 or more.

“These beneficiaries are acceptable to be retirees in their 70s and 80s for whom this banking adjustment could be actual welcome,” says David Furlow of Thompson & Knight LLP and admonition for the class. “There abide several hundred above First City advisers who accept not responded to our efforts to acquaintance them about their rights to accept a administration from the adjustment fund, and the borderline to do so is approaching.”

Former First City advisers who accept questions about their accommodation should analysis the advice on the Class Administrator’s Web website at www.firstcityclassaction.com. Under the agreement of the settlement, chic associates have to currently abide a claims anatomy afore Friday, Dec. 18, 2009, to accept a administration from the adjustment fund. Membership in the chic depends on whether a above First City agent was an annuitant beneath Prudential Insurance Company Group Annuity Contracts GA-5858 (which includes GA-5524) and GA-5523.

The altercation complex a defined-benefit retirement plan accustomed and adjourned alone by First City for advisers in 1976. First City annulled the plan for accepting overfunded 10 years later. The aggregation again fabricated lump-sum payments to some participants and purchased abiding annuities on account of added advisers from the Prudential Insurance Company.

After First City was declared bankrupt in 1992 and went through an automatic bankruptcy, almsman corporations took the position that the above First City advisers should accept annihilation from the accomplishment investments.

Lead Class Counsel Robert S. MacIntyre, Jr. of Houston’s MacIntyre & McCulloch, LLP, emphasizes that these payments will not affect anyone's appropriate to accept alimony benefits.