GreatBanc Trust Co.—often the target of lawsuits over employee stock ownership plan valuations—convinced a federal court in Illinois to dismiss claims that it breached its fiduciary duties by overpaying for Personal-Touch Home Care Inc. stock (Allen v. GreatBanc Tr. Co., N.D. Ill., 1:15-cv-03053, 10/1/15).
Granting GreatBanc’s motion to dismiss, Judge James B. Zagel of the U.S. District Court for the Northern District of Illinois in an Oct. 1 decision said the breach claims against GreatBanc were merely “conclusory” and were based on events that happened after the ESOP transaction took place.
GreatBanc has served as trustee for ...
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