Morton Buildings Employee Stock Plan Suit Settles for $4 Million

Morton Buildings Inc. agreed to pay $4 million to settle a lawsuit a group of workers filed against 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 would provide more than 1,000 plan participants with gross payments of about $2,191 each, according to a motion for preliminary settlement approval filed March 7 in the US District Court ...