Homebuilder Workers Land Cert. In GreatBanc ESOP Suit
By Celeste Bott (February 22, 2021, 9:13 PM EST) -- An Illinois federal judge granted class certification Sunday to 171 former McBride & Son Homes employees in their suit alleging GreatBanc Trust helped two executives drain assets from the homebuilder's employee stock ownership plan, saying he was unpersuaded by the company's argument that the class is unworkable.
The homebuilder argued in October that the proposed class definition "sweeps in" participants who may not have held stock at the time of the challenged acts, but U.S. District Judge Matthew Kennelly disagreed, saying the proposed class is clearly defined. And the workers aren't seeking individualized awards for the class members, but are instead seeking...
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