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2 months ago | 
cohenmilstein.com | Caroline Bressman |Ryan Wheeler |Michelle Yau
A Colorado federal judge on Friday certified an ERISA class action accusing a radiology company and its trustee of overcharging its employee stock ownership plan for purchase of company stock. U.S. District Judge Charlotte N.
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Jan 22, 2025 | 
cohenmilstein.com | Caroline Bressman |Daniel Sutter |Ryan Wheeler |Michelle Yau
We knew it was only a matter of time before someone filed a class action lawsuit against BDO USA for all that ESOP stuff. Pretty much ever since the secret partner meeting happened back in 2023 we’ve heard from countless current and former partners saying “Gee I wish someone would sue the shit out of BDO” (paraphrasing) for everything related to BDO’s deal with Apollo and the ESOP.
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Jan 7, 2025 | 
cohenmilstein.com | Kai Richter |Ryan Wheeler |Michelle Yau
The Second Circuit knocked down Argent Trust Co.’s bid to arbitrate a case alleging the wealth management company sold inflated shares to a barbecue chain’s employee stock ownership plan, after ruling in a similar case that identical arbitration contract language wasn’t enforceable.
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Nov 13, 2024 | 
cohenmilstein.com | Ryan Wheeler |Michelle Yau
The parent company of Illinois-based Casino Queen has agreed to pay a group of workers $7.1 million to shutter their proposed class action claiming their employee stock ownership plan paid too much in a $170 million deal to buy stock in the company, costing employees millions in benefits.
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Oct 4, 2024 | 
cohenmilstein.com | Eleanor Frisch |Kai Richter |Daniel Sutter |Ryan Wheeler
Settlement provides $10 million in increased pension payments for Citgo retirees. Plaintiffs claimed Citgo used outdated mortality tables to underpay class members in violation of ERISA. CHICAGO – Today, a federal judge granted preliminary approval of a proposed class action settlement that provides $10 million in increased pension benefits to more than 1,700 participants and beneficiaries in two of Citgo Petroleum Corporation’s pension plans.
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Sep 18, 2024 | 
cohenmilstein.com | Eleanor Frisch |Kai Richter |Daniel Sutter |Ryan Wheeler
Citgo struck a deal to settle a class action alleging it shorted retirees in early retirement payouts by basing the allowances on outdated mortality tables that used data from the 1970s, according to a joint notice filed in Illinois federal court. Citgo Petroleum Corp.
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Sep 6, 2024 | 
cohenmilstein.com | Ryan Wheeler |Michelle Yau
Casino Queen’s parent company agreed to settle a proposed class action by workers claiming it cost them tens of millions when their employee stock ownership plan bought $170 million of the company’s stock in an overinflated deal, according to an Illinois federal court filing Thursday. U.S. District Judge David W.
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Aug 24, 2024 | 
cohenmilstein.com | Caroline Bressman |Eleanor Frisch |Kai Richter |Ryan Wheeler
A Colorado federal judge refused to toss a proposed class action accusing a radiology company and its trustee of overcharging the company’s employee stock ownership plan in a $163.7 million sale, saying the former workers’ complaint puts forward enough details to back up their allegations. In a text-only order Thursday, U.S. District Judge Charlotte N. Sweeney denied Envision Management Holding Inc.
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Jun 11, 2024 | 
cohenmilstein.com | Ryan Wheeler |Michelle Yau
An Illinois federal judge greenlighted class status to retired Citgo employees who accused the company of shortchanging them by using outdated metrics to calculate early retirement payouts, saying the former employees properly winnowed down the class definition. In an order Friday, U.S. District Judge Matthew F. Kennelly signed off on an amended class of Citgo retirees in their Employee Retirement Income Security Act suit against the company, its benefits committee and its retirement plans.
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May 16, 2024 | 
cohenmilstein.com | Eleanor Frisch |Daniel Sutter |Ryan Wheeler |Michelle Yau
Class action certification and recent ruling largely dismissing CITGO’s summary judgment adds fuel to plaintiffs’ claim that CITGO imposed “marriage penalty” on pension plans’ joint and survivor annuity recipients. CHICAGO – Today, a federal judge certified a class of more than 1,700 participants and beneficiaries in two of CITGO Petroleum Corporation’s pension plans.
