First City Bank Retirees Can Claim Class-Action Settlement Benefits

As abounding as 2,400 above advisers of the above First City Bancorporation may be acceptable for banknote payments as allotment of an estimated $6 actor class-action accusation adjustment that is accepting advised for final approval after this ages in a Harris County accompaniment commune court. The final approval audition is appointed for Thursday, November 12, afore Judge Robert Schaffer of the 152nd Judicial District Court in Houston.

Eligible associates of the chic may accept payments in a ambit of almost $1,200 to $1,800.

The altercation involves 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, JPMorgan Chase acquired the assurance account.

Under the settlement, a ample allotment of the gain attributable to the annuities will be broadcast to chic associates afterwards deductions for trustee expenses, attorneys’ fees, and added accurate costs.

“There are as abounding as 1,200 acceptable associates of the chic for whom we may not yet accept accurate acquaintance information,” says David Furlow of Thompson & Knight LLP.

Thompson & Knight LLP and MacIntyre & McCulloch LLP are chic counsel. Attorneys for the chic accent that the payments will not affect anyone’s appropriate to accept alimony benefits.

Class Administrator Tim Blair has been bartering in newspapers and announcement advice on the Class Administrator’s Web website in adjustment to acquaintance as abounding First City advisers as possible.

"I'd like to animate above First City advisers to acquaintance their adolescent employees," Mr. Blair says.

Class associates who accept questions should analysis the advice on the Class Administrator’s Web website at www.firstcityclassaction.com.