Homebuilder Fights Employees' Class Cert. Bid In ESOP Suit

Law360 (October 8, 2020, 5:47 PM EDT) -- A homebuilder asked an Illinois federal judge Wednesday not to certify a class in a suit alleging GreatBanc Trust helped two executives drain assets from the homebuilder's employee stock ownership plan, saying the proposed class definition "sweeps in" participants who may not have held stock at the time of the challenged acts.

Three former McBride & Son Homes employees said in September that their claims mirror those that any of the stock plan's participants could make against GreatBanc and the executives during the proposed class period between March 2013 and December 2017 and that the alleged raid on the plan hit...

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