GreatBanc Can't Flee Chemonics Stock-Ownership Plan Suit
Law360 (August 22, 2019, 6:52 PM EDT) -- An Illinois federal judge ruled Wednesday that GreatBanc can't skirt a proposed Employee Retirement Income Security Act class action challenging its oversight of a benefit plan's $216 million purchase of allegedly overpriced Chemonics International Inc. stock.
U.S. District Judge Andrea R. Wood held that former Chemonics employee Michael McMaken didn't give up his right to file a class action against GreatBanc when he signed a form agreeing not to sue Chemonics or any of its "directors, officers, [or] fiduciaries."
Though GreatBanc argued that it was a fiduciary to Chemonics, and thus exempt from lawsuits, Judge Wood ruled that the bank was...
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