Employees of personal care product maker Vi-Jon filed a proposed class action in Illinois federal court accusing former shareholders of capitalizing on the pandemic-related surge in demand for hand sanitizer to offload their stock to workers at an inflated price.
Vi-Jon employee Paul Laidig claims the company’s former owners—including a private equity fund associated with Berkshire Partners LLC—sold 100% of the company’s stock to an employee stock ownership plan for nearly $400 million in August 2020. This deal, allegedly orchestrated by plan trustee GreatBanc Trust Co., caused workers to significantly overpay for their stake in the company by valuing their ...
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