Rep. Greg Morris & others settle suit with FDIC

The case between the former Board of Directors at Montgomery Bank & Trust in Ailey, Georgia and the FDIC has finally seen resolution. The lawsuit, which was filed on July 1, 2015, had one notable defendant: State Representative and Banks and Banking Committee Chairman Greg Morris.

Through an Open Records Request filed with the FDIC in September, documents indicate a settlement was executed by the defendants in the case on in June of 2016.

Defendants, including Morris, agreed to pay the FDIC $965,000 in damages for their role in and as a result of the bank’s closure and acquisition by the FDIC in 2012.

Rebecca Champion, John Falk, Larry D. Coleman, Michael Gunter, Trae Dorough, Miller P. Robinson, Lloyd E. Moses, Thomas A. Peterson III, John L. Robinson, Jr, and John Tyson were also named as defendants in the case.

The stipulations of the settlement requires remittance of the payment in full within 30 days of all parties signing. In this case, that date was June 29, 2016.  Failure to do so results in penalties of 5% interest.

Another defendant previously settled by paying a penalty of $200,000.

Morris has been Banks & Banking Chairman since 2011. The lawsuit was an issue during Morris’ re-election campaign in 2014 and 2016, at which both times he had a primary opponent. The Montgomery Bank & Trust failure is the same scandal involving now-incarcerated Aubrey Lee Price. Price, who also served on the Board of Directors, faked his own death and was on the run before being discovered in Brunswick, Georgia.

Previous calls by voters have asked that Morris step down from his position as Chairman of the Banks & Banking Committer, though he’s made no indication he has planned to do so.

I reached out to Representative Morris on more than one occasion, however, he has denied the opportunity to share his side.

A copy of the settlement can be seen here.