8 unchanged sentences
Should the ultimate judgments or settlements in any litigation exceed our insurance coverage, they could have a material adverse effect on our financial condition and results of operation for any period.
−Removed: At December 31, 2023, we had accrued $ 14.8 million related to these legal proceedings.
The ultimate outcome of these legal proceedings could be more or less than what we have accrued.
We are not a party to any pending legal proceedings that we believe would have a material adverse effect on our financial condition, operations or cash flows, except as set forth below.
−Removed: A class and collective action lawsuit, Bolding et al.
+Added: As disclosed previously, a class and collective action lawsuit, Bolding et al.
Banner Bank, US Dist.
Ct., WD WA., was filed against Banner Bank on April 17, 2017.
−Removed: The plaintiffs are former and/or current mortgage loan officers of AmericanWest Bank and/or Banner Bank, who allege that the employer bank failed to pay all required regular and overtime wages that were due pursuant to the Fair Labor Standards Act (FLSA) and related laws of the state respective to each individual plaintiff.
−Removed: The plaintiffs seek regular and overtime wages, plus certain penalty amounts and legal fees.
−Removed: On December 15, 2017, the Court granted the plaintiffs’ motion for conditional certification of a class with regard to the FLSA claims;
−Removed: following notice given to approximately 160 potential class members, 33 persons elected to “opt-in” as plaintiffs in the class.
−Removed: On October 10, 2018, the Court granted plaintiffs’ motion for certification of a different class of approximately 200 members, with regard to state law claims.
−Removed: 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 ultimately allowed the case to proceed.
−Removed: The parties participated in a mediation in December 2022.
−Removed: The parties have executed a written settlement agreement and on October 4, 2023, the Court issued an order granting preliminary approval of the settlement.
−Removed: 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.
−Removed: The Court reserved ruling on the amount of class counsel fees to be awarded.
−Removed: The Court-approved settlement agreement resolves the class action litigation and contains no admission of wrongdoing.
−Removed: 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.
−Removed: 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.
−Removed: No additional accruals are currently anticipated for these purposes.
−Removed: 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.
+Added: On February 22, 2024, the Court entered a written order granting final approval of a settlement agreement that resolved this lawsuit.
+Added: The Bank submitted its final settlement payment during the third quarter of 2024 and does not anticipate any further funding obligations in connection with this lawsuit.
Item 4 – Mine Safety Disclosures
Not applicable.
+Added: T able of C onten ts
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.