The Class is defined as “All participants in and beneficiaries of the Segerdahl ESOP at the time the ESOP was terminated, with the exception of Defendants in this action and their beneficiaries.” The Segerdahl ESOP was terminated on December 7, 2016.
WHO ARE THE PARTIES IN THIS CLASS ACTION?
The Plaintiff is Bruce Rush who was named as Class Representative (“Plaintiff”) by the Court. Plaintiff Rush has brought the claims in this case in a representative capacity on behalf of the Segerdahl ESOP. The members of the class include the participants in the Segerdahl ESOP as of December 7, 2016, excluding Defendants. Defendants are alleged to be the ESOP’s fiduciaries and include Greatbanc, the trustee of the ESOP (“Greatbanc”); Richard Joutras, the President and Chief Executive Officer of Segerdahl until November 30, 2015; Mary Lee Schneider, the President and Chief Executive Officer from December 1, 2015 until December 1, 2018; and Rodney Goldstein, Peter Mason, and Robert Cronin who, with Joutras and Schneider, were members of Segerdahl Board of Directors.
WHAT IS THIS CLASS ACTION ABOUT?
Plaintiff asserts that Defendants were fiduciaries to the ESOP and violated fiduciary duties under ERISA that they owed you and the other ESOP participants and their beneficiaries during the marketing and sale of Segerdahl in 2015 and 2016. Plaintiff claims that Defendants Schneider and Joutras violated the duty of loyalty and engaged in self-dealing transactions prohibited by ERISA § 406(b), 29 U.S.C. § 1106(b). Plaintiff also claims that Greatbanc engaged in a transaction prohibited by ERISA §§ 406(a)(1)(a) & (d), 29 U.S.C. §§ 1106(a)(1)(A) & (D). Plaintiff alleges that all Defendants violated their co-fiduciary duties in ERISA § 405, 29 U.S.C. § 1105, and to the extent that Defendants Schneider or Joutras is not found to be a fiduciary, Plaintiff seeks equitable relief from Defendants Schneider and Joutras for knowingly participating and receiving benefits from transactions violating ERISA under ERISA § 502(a)(3), 29 U.S.C. § 1132(a)(3).
WHAT DO I NEED TO DO?
Your legal rights may be affected as you have been identified as a member of the Class. You do not need to do anything to participate in this Class Action. Plaintiff was named as Class Representative to represent the interests of the Class. Please do not contact any of the Defendants or the Court. They will not be able to answer your questions.