Ex-Homebuilder Employees Seek Class Status In ESOP Suit

Law360 (September 17, 2020, 6:41 PM EDT) -- Three former employees of a Missouri-based homebuilder have asked an Illinois federal court to certify a class in a long-running lawsuit alleging trustee firm GreatBanc Trust helped two executives drain assets from the homebuilder's employee stock ownership plan.

The former McBride & Son Homes employees said Wednesday in a memorandum 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 2013 and 2017, and that the alleged raid on the plan hit all the members in the same way.

"The central issue is whether defendants caused...

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