Argent Trust to Face Class Over Symbria Stock Plan Transaction

Argent Trust Co. must face a certified class of more than 1,000 participants in Symbria Inc.'s employee stock ownership plan who accuse Argent of mismanaging a $66.5 million stock transaction.

Judge Ronald A. Guzmán of the US District Court for the Northern District of Illinois on Tuesday certified a class covering all participants in the Symbria stock plan during and after the 2015 transaction, excluding the company’s selling shareholders, officers, and directors.

Argent didn’t “meaningfully contest class certification,” Guzmán said.

The lawsuit, filed in 2021 by Symbria plan participant Carolyn Placht, challenges a transaction in which the plan took on ...