Self-Dealing

Russelectric ESOP Shares Sold at Less Than Fair Market Value ERISA Class Action

Towards the end of his life, the founder of Russelectric, Inc., Raymond Russell, gave 30% of his company stock to its employees as a retirement benefit, through the Russelectric Inc. Employee Stock Ownership Plan (ESOP). However, the complaint alleges, after Russell died, “the company, at the direction and for the benefit of the founder’s heirs,  Read more

Bessemer Profit Sharing Plan Self-Dealing Class Action

The complaint for this class action alleges that Bessemer Trust Company and its Profit Sharing Plan Committee have breached their duties of prudence and loyalty and have not managed the company’s profit sharing plan in the best interests of the participants. Instead, the complaint alleges, they have engaged in self-dealing, “using the Plan as an  Read more

Wells Fargo Prioritizes Larger PPP Loans California Class Action

Loans under the Paycheck Protection Program (PPP) were supposed to be distributed to small businesses on a first come, first served basis. However, the complaint for this class action alleges that Well Fargo & Co. and Wells Fargo Bank, NA gave priority to applications asking for larger loans, because these would earn higher fees for  Read more

PNC Bank Favored Large Customers for PPP Loans California Class Action

The Small Business Administration (SBA) is overseeing a Paycheck Protection Program (PPP) to help small businesses keep workers on their payrolls during the Covid-19 pandemic. The loans are intended to be distributed on a first come, first served basis. However, the complaint for this class action alleges that PNC Financial Services Group, Inc. and PNC  Read more