Argent OK'd Paying $133M Too Much For Stock, Workers Say

Law360 (April 18, 2019, 9:01 PM EDT) -- Argent Trust Co. violated the Employee Retirement Income Security Act when it led a Choate Construction Co. employee stock ownership plan to pay $198 million for $65 million worth of their company’s stock, a former Choate worker claimed Wednesday in a proposed class action.

Former Choate Construction employee Sharon Lee sued Argent and others in North Carolina federal court over a 2016 deal in which the Choate Construction Co. employee stock ownership plan paid $198 million for 80% of the general contracting and construction management company. But Lee said participants in the plan like her lost out big in their retirement...

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