Symbria Employee Stock Plan Class Action Advances Toward Trial

Participants in Symbria Inc.‘s employee stock ownership plan can go to trial in their class action saying they were forced to overpay for stock in the company during a 2015 transaction.

The participants proved their underlying claims for prohibited transactions under the Employee Retirement Income Security Act, and a trial is needed to determine whether the lone defendant in the case, stock plan trustee Argent Trust Co., can escape liability by relying on one of the statute’s exemptions, Judge Sara L. Ellis of the US District Court for the Northern District of Illinois said.

In particular, there are factual ...