GreatBanc Trust Co. will pay $2.25 million to settle a lawsuit challenging its handling of a $60 million stock transaction involving a home health aide company’s employee stock ownership plan.
The proposed deal, announced in court papers filed Nov. 29, will resolve a 2015 lawsuit by employees of Personal Touch Home Care. They accused GreatBanc—which served as trustee of Personal Touch’s ESOP—of overseeing a deal in which the ESOP paid $60 million for stock worth only about $47 million.
The settlement comes two years after the U.S. Court of Appeals for the Seventh Circuit revived the employees’ lawsuit. The ...
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