GreatBanc Can't Flee Chemonics Stock-Ownership Plan Suit
By Emily Brill (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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!