This lawsuit, Smith v. GreatBanc Trust Company, et al., brought on behalf of participants and beneficiaries of the Triad Manufacturing, Inc. Employee Stock Ownership Plan (“ESOP”), alleges numerous violations of the Employee Retirement Income Security Act (“ERISA”) in connection with the sale of Triad Manufacturing, Inc. to the ESOP for an inflated value, which caused a multi-million-dollar loss to the ESOP.
At a March 30, 2021 hearing before the U.S. Court of Appeals for the Seventh Circuit, Judge Michael Scudder observed that, had he been a plan participant, “I would be mighty thankful that [Smith] brought the lawsuit. It would definitely benefit me.” (See “7th Circ. Judge Doubts Arbitration Can Resolve ERISA Suit,” Law360.)
If you are interested in learning more about this case or about how you may be affected, please take a moment to fill out the questionnaire below and we will contact you to schedule a phone call with one of our attorneys.
Read more about this case:
- “GreatBanc Hit With Class Suit Over $106 Million Stock Plan Deal,” Bloomberg Law
- “Workers Ask 7th Circ. to Keep ERISA Suit in Court,” Law360
Cohen Milstein recognizes the importance of your privacy and personal data. Information provided in this survey is confidential and will not be shared or sold.
The attorneys investigating this matter are Michelle Yau (admitted in Massachusetts and the District of Columbia) and Mary J. Bortscheller (admitted in Illinois, Minnesota and the District of Columbia)
Please feel free to contact us with any additional questions.
Ciara O'Neill, Paralegal – email@example.com
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
Suite 500, West Tower
Washington, D.C. 20005
Tel: (888) 240-0775 or (202) 408-4600
Fax: (202) 408-4699