Argent Trust Co. allegedly failed to negotiate in good faith and ignored red flags in a $92 million stock purchase for an employee stock ownership plan, violating its duties as its trustee under federal law.
The selling shareholders of W BBQ Holdings Inc. also allegedly violated the Employee Retirement Income Security Act by “retaining key elements of control” and knowing that Argent failed to negotiate in the best interest of ESOP participants, the Department of Labor claims in a complaint filed Thursday in the US District Court for the Southern District of New York.
Gregor and Hebert Wetanson appointed Argent ...