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.)
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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
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The attorneys investigating this matter are Mary J. Bortscheller (admitted in Illinois, Minnesota and the District of Columbia) and Daniel R. Sutter (admitted in Maryland and the District of Columbia).
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