Benefits & Executive Comp

GreatBanc, Real Estate Firm Face Class Action Over Stock Plan

Feb. 22, 2021, 5:21 PM

A lawsuit targeting GreatBanc Trust Co.'s handling of a Midwestern real estate conglomerate’s employee stock plan is moving forward as a certified class action covering 171 people, according to a ruling by a federal judge in Chicago.

Judge Matthew F. Kennelly of the U.S. District Court for the Northern District of Illinois on Sunday certified 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. The lawsuit centers on conduct that affected all plan participants and seeks relief on behalf of the plan as...

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