On April 12, 2018, the United States District Court for the Eastern District of New York granted preliminary approval of a $1.4 million class action settlement on behalf of the participants and beneficiaries of the Atrium Management Services, Inc. Employee Stock Ownership Plan (“Atrium ESOP”). Plaintiff Michael Brewley in Kindle, et al. v. Dejana, et al., alleged that Defendants Peter Dejana, John Sipala and others engaged in ERISA fiduciary violations in a December 2011 transaction in which Peter Dejana took back control of the Company from the Atrium ESOP. The settlement will result in a 33.33% increase in the value that Atrium ESOP participants received for their Company stock. The Court also ordered a separate payment of over $1 million in attorneys’ fees and costs to FJWW and co-counsel.
You can read the preliminary approval order here and the settlement terms here. For more information, or to provide updated contact information, please contact Dan Feinberg.