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Former AnchorBank exec sues for legal fees

Former AnchorBank Vice President David Weimert is suing Old National Bank, which merged with AnchorBank in 2016, charging that he is owed more than $550,000 to cover legal fees and lost wages.

According to a Wisconsin State Journal report, Weimert states that Old National Bank is obligated under state law — and Anchor bylaws — to indemnify corporation officers for reasonable expenses if they succeed on the merits of any action brought against them related to their time as an officer.

Weimert, who also was serving as president of AnchorBank subsidiary Investment Directions Inc. in 2009, was charged with five counts of wire fraud related to a Texas real estate deal. He had been serving an 18-month sentence when a federal appeals court overturned a fraud conviction in 2016 and ordered his release.

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