The federal government, One Bank & Trust of Little Rock and the family of the late Layton Stuart have reached a settlement in two lawsuits, the government said Wednesday.
Stuart, who was chairman and CEO and owned essentially all of One Bank, was fired in 2012 by bank regulators and died in March 2013.
The government sued to receive the proceeds from five vehicles and almost $17.7 million from a life insurance policy on Stuart. That lawsuit was settled, as well as one involving the Treasury Department; Richard Torti, the executor of Stuart's estate; and Stuart family trusts.
No details of the settlement were announced. Jerry Pavlas, CEO of One Bank, declined to disclose details about the settlement. An attorney for the U.S. attorney's office did not return a phone call seeking information on the settlement.
But a preliminary draft of a settlement in the case was disclosed in July. According to the draft, One Bank will receive $6.9 million, the U.S. Treasury will receive $4 million and the Stuart family interests will receive $4 million.
One Bank previously had recovered $3 million in the case, bringing its total to almost $10 million.
Business on 10/01/2015