Symbria Employee Retirement Plan Prohibited Transactions ERISA Complaint

October 29, 2021

Argent Trust Company, the first defendant in this case, is the trustee for the Symbria Inc. Employee Stock Ownership Plan. Argent oversaw the purchase of shares of Symbria for the plan that the complaint alleges were bought at an inflated price, saddling the plan with forty years of debt and a loss of value. The complaint alleges that the other defendants, the selling shareholders, were parties in interest and that the transaction was prohibited under the Employee Retirement Income Security Act (ERISA).