BG’s ERISA Team Files for Court Approval of $14 Million Settlement with RVNB Holdings

On January 9, 2025, Bailey Glasser’s ERISA team filed an unopposed motion for preliminary approval of settlement and certification of settlement class on behalf of participants in the RVNB Holdings, Inc. Employee Stock Ownership Plan (ESOP), in a case proceeding in the U.S. District Court for the Northern District of Texas.

The parties have agreed to resolve all matters in controversy, including the action and a separate but related Department of Labor (DOL) enforcement case, with a total settlement of $14 million. This amount includes a statutory penalty to the DOL, with $12.75 million allocated to the class of ESOP participants.

The settlement, if approved by the court, will end more than five years of litigation concerning the sale of RVNB by the ESOP in 2017, which the plaintiffs alleged was for less than fair market value and caused by defendant fiduciaries in violation of the federal ERISA retirement benefits statute. The case is Coleman, et al. v. Brozen, et al., Case No. 3:20-CV-01358, and is proceeding before U.S. District Judge Ada Brown.

Members of the BG team include ERISA Practice Group leader Gregory Porter, Ryan T. Jenny, Patrick Muench, and co-counsel from Ajamie LLP.

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