4 unchanged sentences
These claims and counter claims typically arise during the course of collection efforts on problem loans or with respect to actions to enforce liens on properties in which we hold a security interest, although we also are subject to claims related to employment matters.
−Removed: Claims related to employment matters may include, but are not limited to:
−Removed: claims by our employees of discrimination, harassment, violations of wage and hour requirements, or violations of other federal, state, or local laws and claims of misconduct or negligence on the part of our employees.
+Added: Claims related to employment matters may include, but are not limited to, claims by our employees of discrimination, harassment, violations of wage and hour requirements, or violations of other federal, state, or local laws and claims of misconduct or negligence on the part of our employees.
Some or all of these claims may lead to litigation, including class action litigation, and these matters may cause us to incur negative publicity with respect to alleged claims.
13 unchanged sentences
Significant pre-trial motions were filed by both parties, including various motions by Banner Bank seeking to dismiss and/or limit the class claims.
−Removed: The Court granted in part and denied in part Banner Bank’s motions and has ultimately allowed the case to proceed.
−Removed: The Court ruled on the last of the pre-trial motions on September 13, 2021, increasing the likelihood of trial or settlement.
+Added: The Court granted in part and denied in part Banner Bank’s motions and ultimately allowed the case to proceed.
The parties participated in a mediation in December 2022.
−Removed: a stay of proceedings is in place until March 6, 2023, to allow the parties’ continuing settlement efforts.
−Removed: If the parties do not reach a settlement, a trial for this case will be scheduled and will be bifurcated between a liability phase and a damages phase.
−Removed: If the case goes to trial and the Bank is unsuccessful in defending the claims, damages could exceed the amount the Company has accrued as a litigation contingency reserve for this case.
−Removed: The Bank has raised substantial defenses to this lawsuit and will continue to defend this case vigorously.
−Removed: The ultimate outcome is unknown at this time.
+Added: The parties have executed a written settlement agreement and on October 4, 2023, the Court issued an order granting preliminary approval of the settlement.
+Added: A fairness hearing was held on February 22, 2024, after which the Court entered a minute entry granting final approval of the settlement, awarding expenses in the amount of $303,000, and approving an award of $20,000 for each of the three class representatives.
+Added: The Court reserved ruling on the amount of class counsel fees to be awarded.
+Added: The Court-approved settlement agreement resolves the class action litigation and contains no admission of wrongdoing.
+Added: The settlement structure requires Banner Bank to make available a total settlement fund of up to $15.0 million (the “Settlement Fund”) for the purpose of paying valid claims, class representative service awards, class counsel fees and expenses, and administration costs.
+Added: The aggregate amount ultimately to be paid may be less than the Settlement Fund depending on the value of the valid claims submitted, as well as the amount of class counsel fees to be awarded by the Court.
+Added: No additional accruals are currently anticipated for these purposes.
+Added: Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management, including, but not limited to the number of valid claims, the amount of attorneys’ fees awarded to class counsel, and whether the proposed settlement is appealed.
Item 4 – Mine Safety Disclosures
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.