The Parties have reached a settlement and are in the process of obtaining Court approval. To learn more, please read below.
Advanced Diagnostic Group (ADG) ESOP
We are representing participants in a putative class action in Colon, et al. v. Johnson, et al. (M.D. Fla. April 14, 2022). Our clients are former participants in the Advanced Diagnostic Group (ADG) ESOP retirement benefit plan. We allege that the defendants violated their fiduciary duties and allowed the ESOP’s value to be diverted to self-serving managers and directors and their shell companies and away from employee participants. As a result, employees received a fraction of the retirement benefits that they should have through the ADG ESOP. We are seeking to recover the full value of participants’ benefits.
Settlement Information
The Court has preliminarily approved the settlement in this case and appointed a settlement administrator. Class members should receive a notice with further information from the settlement administrator in the mail by mid-July. We will continue to provide updated information on this case page.
In order for the full court approval process required by law to play out, we do not expect distributions to be possible until early 2025.
Learn More
If you were a participant in this ESOP and wish to learn more about this case please email one of the lead attorneys on this case, Jennifer Lee or Carl Engstrom. You can also learn more about our ESOP practice.