Wilmington Trust Strikes $5M Deal To End ERISA Suit
By Emily Brill (January 21, 2020, 8:00 PM EST) -- Wilmington Trust has agreed to pay $5 million to settle a suit brought by ISCO Industries Inc. workers who accused the trust of mishandling a $98 million stock purchase by ISCO's employee stock ownership plan.
U.S. District Judge Richard G. Andrews signed a preliminary approval order Tuesday that indicated the workers' attorneys will seek fees of no more than $2.5 million for their work on the Employee Retirement Income Security Act suit.
The order also certifies a class of ISCO Industries workers and retirees who participate in the Kentucky pipe supplier's employee stock ownership plan, indicating that each class member will...
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