$13M Deal May End Reliance, Bradford Hammacher ESOP Row
Law360 (December 20, 2019, 6:12 PM EST) -- The Bradford Hammacher Group Inc.'s workers and retirees will get $13.4 million if an Illinois federal judge approves a recently proposed settlement to their ERISA class action, which challenged Reliance Trust Co.'s approval of a $100 million stock purchase by their retirement plan.
If U.S. District Judge Gary Feinerman OKs the deal, the Atlanta-based Reliance Trust will deposit $12 million in cash into the Bradford Hammacher Group Inc. Employee Stock Ownership Plan, according to a motion for preliminary settlement approval filed Thursday.
Three high-level Bradford Hammacher affiliates identified by the lawsuit as "shareholder/directors" — CEO Richard Tinberg, CFO James Liggett and...
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