Propane Co., ESOP Trustee Drop Hostile Takeover Suit

By Rachel Stone (July 21, 2021, 3:50 PM EDT) -- A propane supplier and an employee stock ownership plan trustee have resolved a lawsuit claiming the trustee violated federal benefits law by breaching its duty to look out for the workers' interests and trying to seize control of the company.

A Kansas federal judge signed off Tuesday on a stipulation of dismissal filed by Ferrell Companies Inc. and GreatBanc Trust Co. in which both sides agreed to end the case and shoulder their own attorney fees and costs.

Ferrell sued GreatBanc in May 2020, claiming the bank violated its fiduciary duties under the Employee Retirement Income Security Act by attempting to...

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