Orion Bancorp, Inc.

Case Details

Class Period:
January 1, 2006 – November 13, 2009
Date Filed:
April 29, 2010
Case Number:
Middle District of Florida

Case Summary

On April 29, 2010, Saxena White, P.A. filed action on behalf of Plaintiffs who were employees of Orion Bancorp, Inc. and its wholly-owned subsidiary Orion Bank, Inc. and are Plan participants (and their beneficiaries) for whose accounts Plan fiduciaries acquired or held shares of Orion common stock ("Orion Stock") during the Class Period. On September 26, 2011, after oral arguments, the Honorable John E. Steele granted in part and denied in part Defendant's Motion to Dismiss.  On November 13, 2012, the parties participated in an all-day mediation that resulted in an agreement to settle the action.  On January 17, 2013, Plaintiffs filed a motion for preliminary approval of the settlement, and on February 11, 2013, Judge Steele granted preliminary approval of the settlement.  Judge Steele set a fairness hearing for July 15, 2013, where he heard arguments regarding the merits of the settlement.  On July 16, 2013,  Judge Steele entered an Order and Final Judgment, finding that the settlement should be finally approved as fair, reasonable and adequate.