Case: Retirement Plans/Class Actions (N.D. Ill.)

Feb. 23, 2021, 11:08 PM

A class of participants in the McBride & Son Employee Stock Ownership plan who challenge a series of transactions that allegedly stripped the plan of value was certified by the U.S. District Court for the Northern District of Illinois. The lawsuit targets GreatBanc Trust Co.'s handling of the Midwestern real estate conglomerate’s employee stock plan and a 2013 corporate reorganization that workers say reduced the stock plan’s ownership stake in the company. The workers also challenge a 2017 transaction in which the company repurchased stock held by the plan at an allegedly unfair price.

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