Rush v. Greatbanc Trust Company, et al., Case No. 1:19-cv-00738 (N.D. Ill.)
The Law Offices of Michael M. Mulder, along with Schneider Wallace Cottrell Konecky LLP, represents a class of participants in the Segerdahl Corporation Employee Stock Ownership Plan (ESOP). Plaintiff Bruce Rush, on behalf of the Class, alleges that Defendants GreatBanc Trust Company and certain executives of Segerdahl (now referred to as SG360) violated the Employee Retirement Income Security Act (ERISA), including through Defendants’ failure to reasonably market Segerdahl and their sale of Segerdahl to an investment group for less than fair market value of the ESOP’s shares. ERISA imposes strict duties on those responsible for administering retirement plan assets. A full description of Plaintiff’s allegations filed in the United States District Court for the Northern District of Illinois is available in Plaintiff’s First Amended Complaint.
The Court approved certification of the Class on June 16, 2020. On December 16, 2022, the Court issued a Memorandum Opinion and Order on summary judgment. An article from Bloomberg Law News on the Court’s summary judgment decision is available here.
A bench trial was held from January 17 – 31, 2023 before Judge Andrea Wood. The parties filed post-trial briefs in April 2023 and await a verdict.
The case is Rush v. Greatbanc Trust Company, et al., Case No. 1:19-cv-00738 (N.D. Ill.).
