Malvern, Pa.-based Meridian Bank has settled two former employees' lawsuit alleging breach of contract.
The plaintiffs, who used to work in Meridian's mortgage-banking unit, had sought unpaid commissions and liquidated damages totaling $325,000, plus reimbursement for legal fees. Meridian's settlement was for $137,000, plus legal expenses of up to $50,000, with the latter amount covered by insurance.
The case is Weissenberg et al. v. Meridian Bank, and the suit was filed Oct. 31 in the Philadelphia Court of Common Pleas.