Morton Buildings’ $4 Million Stock Plan Deal Gets First Nod

Morton Buildings Inc. received initial court approval for a $4 million class settlement with workers who sued the company’s prior owners and Argent Trust Co. over their employee stock ownership plan.

The proposed settlement would be funded by Morton and would resolve the workers’ claims against both Argent, which served as the plan’s trustee, and certain former shareholders who sold their Morton stock to the ESOP in 2017. It’s slated to provide more than 1,000 plan participants with gross payments of about $2,191 each, according to the settlement motion.

Judge Michael M. Mihm granted preliminary approval to the deal ...