Burnett et al v. Prudent Fiduciary Services LLC et al
Case Number:
1:22-cv-00270
Court:
Nature of Suit:
Multi Party Litigation:
Class Action
Judge:
Firms
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September 23, 2024
Cargo Airliner ESOP Participants Seek OK On $14.5M Deal
Western Global Airlines and its investment manager will pay $14.5 million to end a proposed class action from two pilots for the cargo airliner alleging the company's employee stock ownership plan was mishandled, according to filings in Delaware federal court.
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August 06, 2024
Cargo Airline, Workers Forge Settlement In ESOP Battle
A Delaware federal judge on Tuesday agreed to stay a suit against Western Global Airlines and an investment manager after workers who alleged that their employee stock ownership plan was mishandled told the court they had reached a settlement.
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March 08, 2023
ESOP Managers Can't Force Airline Workers To Arbitrate Suit
A cargo airline's owners and the caretakers of its employee stock ownership plan must face an Employee Retirement Income Security Act lawsuit in Delaware federal court, a judge ruled Wednesday, throwing out their bid to arbitrate workers' claims that the defendants mismanaged the transaction that created the ESOP.
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January 26, 2023
ESOP's Arbitration Clause Conflicts With ERISA, Judge Says
A Delaware federal magistrate judge recommended tossing a bid by a cargo airline's owners to arbitrate a suit claiming they sold overvalued shares of the company to an employee stock ownership plan, finding the plan's arbitration provision conflicts with the Employee Retirement Income Security Act.
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July 12, 2022
ESOP Managers Seek To Compel Arbitration In ERISA Row
A cargo airliner's owners and the trustees of its employee stock ownership plan urged a Delaware federal court to compel arbitration of an Employee Retirement Income Security Act lawsuit or dismiss the case, arguing that a provision in plan documents bound workers to resolve their disputes out of court.
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March 01, 2022
Overvalued Airline Cost ESOP Nearly $200M, Workers Say
A group of employees at Western Global Airlines has filed a proposed class action in Delaware federal court accusing the cargo airline's owners of overvaluing the company when they sold shares to the employee stock ownership plan, causing the plan to lose $188 million over two months.