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Class Status Sought in Battle Over Segerdahl Stock Plan Buyout

July 31, 2020, 7:34 PM

A former Segerdahl Corp. employee asked a federal judge in Chicago to certify a 400-person class in his lawsuit accusing the company and Greatbanc Trust Co. of orchestrating a stock buyout that caused Segerdahl’s employee stock ownership plan to lose out on tens of millions of dollars.

Bruce Rush’s lawsuit challenges a 2016 transaction in which Segerdahl, an Illinois printing company with more than 700 employees, was sold from the company’s ESOP to an investment firm for about $265 million. Rush said only a portion of that purchase price actually went to the ESOP, with the rest diverted to company...

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