On April 17, 2020, the U.S. District Court for the District of Delaware preliminarily approved a $19.5 million settlement with Wilmington Trust, N.A. to resolve a class action lawsuit alleging claims relating to the purchase of Martin Resource Management Corporation (MRMC) stock by the company’s Employee Stock Ownership Plan (ESOP). This settlement is a victory for current and former employees of MRMC.
On behalf of other plan participants, plaintiff Rodney Choate alleges that Wilmington Trust, the ESOP’s trustee, violated the Employee Retirement Income Security Act (ERISA) by making the ESOP pay far too much for MRMC stock in a two-stage transaction totaling $375.5 million that took place in 2012 and 2013.
News coverage of the settlement is attached here.
FJWW represents plaintiff and the class along with co-counsel Bailey & Glasser LLP. For more information, please contact Dan Feinberg.