80/20 ESOP
We are representing participants in a putative class action in Walther v. Wood, 1:23-cv-00294 (N.D. Ind.). Our clients are former participants in the 80/20 ESOP retirement benefit plan. We allege that the ESOP's fiduciaries violated their duties under ERISA by (1) failing to enforce the ESOP's right to buy additional shares of 80/20 stock pursuant to the company founder's will and (2) causing 80/20 to redeem the ESOP's shares for less than fair value in a deal that enriched company leadership and outside investors at the expense of the ESOP. We are seeking to recover additional benefits on behalf of ESOP participants.
Case Updates
February 2, 2024: Defendant Brian Eagle files Motion to Dismiss Second Amended Complaint; MPE files Motion to Dismiss Second Amended Complaint; Defendant John Wood files Answer to Second Amended Complaint
January 5, 2024: Plaintiffs file Second Amended Complaint
November 22, 2023: Plaintiffs file First Amended Complaint
October 12, 2023: Defendant Brian Eagle files Motion to Dismiss Complaint; MPE files Motion to Dismiss Complaint; Defendant John Wood files Answer
July 14, 2023: Plaintiffs file Complaint
Learn More
If you were a participant in this ESOP and wish to learn more about this case, share information, or believe you may have a claim, please email one of the lead attorneys on this case, Carl Engstrom or Charlie Gokey. You can also learn more about our ESOP practice.