Benefits & Executive Compensation News

GreatBanc Denied Court Order Cementing Stock Plan Trustee Status

Nov. 8, 2019, 3:36 PM

GreatBanc Trust Co. can’t get a temporary restraining order preserving its status as the trustee of a propane company’s employee stock ownership plan, but it can continue seeking a preliminary injunction, a federal judge in Kansas ruled.

Chief Judge Julie A. Robinson of the U.S. District Court for the District of Kansas denied GreatBanc’s request for a temporary restraining order in a dispute with Ferrell Companies Inc., which recently tried to replace GreatBanc as trustee of its stock plan. But Robinson declined to rule either way on GreatBanc’s motion for a preliminary injunction, which she said “remains pending.”

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