Wilmington Trust ESOP Dispute Gets Class Treatment
By Danielle Nichole Smith (December 10, 2019, 7:49 PM EST) -- A Delaware federal judge Tuesday certified a class of participants in Martin Resource Management's employee stock ownership plan in an ERISA suit claiming Wilmington Trust allowed them to be saddled with millions of dollars of debt when they purchased company stock.
U.S. District Judge Richard G. Andrews said in his order that the class proposed by Rodney Choate — a former boat captain for a Martin Resource Management Corp. subsidiary — met the statutory requirements for certification outlined in Rule 23 of the Federal Rules of Civil Procedure.
Judge Andrews wasn't convinced by Wilmington Trust NA's assertion that the proposed class wouldn't...
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