Bailey & Glasser ERISA Group Files Class Action Lawsuit Against Wilmington Trust, N.A.
Bailey & Glasser’s ERISA group, representing participants in the ISCO Industries Inc. Employee Stock Ownership Plan (ESOP), recently filed a class action complaint in Delaware federal court alleging that plan trustee Wilmington Trust is liable for causing and engaging in ERISA-prohibited transactions when the plan purchased all of ISCO’s outstanding stock. The lawsuit, Swain, et al. v. Wilmington Trust, N.A., Case No. 1:17-cv-00071 (D. Del.), seeks the return of monies paid above the fair market value of the company when Wilmington Trust authorized the plan to buy the company in 2012, and other relief.
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