Waste Co., GreatBanc Ink $7.9M Deal To End ERISA Suit

Law360 (July 28, 2020, 6:29 PM EDT) -- A class of participants in a waste removal company's employee stock ownership plan has inked a $7.9 million deal to settle their suit claiming the plan's stake in the company was improperly sold to Republic Services Inc. without their input.

The group of Rainbow Disposal Co. Inc. Employee Stock Ownership Plan participants asked a California federal judge Monday for preliminary approval of the settlement in their Employee Retirement Income Security Act suit.

The current and former Rainbow Disposal workers said the plan's committee, the committee's members, Rainbow and Republic Services agreed to pay $7.5 million, while GreatBanc Trust Co. — a plan...

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