Frequently Asked Questions

1. What is this case about?

This lawsuit is a class action on behalf of certain participants and beneficiaries of the Symbria Inc. ESOP against Argent Trust Company (“Argent” or “Defendant”) in the U.S. District Court for the Northern District of Illinois (the “Class Action”).

Plaintiff’s Complaint in the Class Action claims that Defendant violated a federal statute, the Employee Retirement Income Security Act of 1974 (“ERISA”), in connection with the ESOP’s acquisition of Symbria stock in 2015 for approximately $66.5 million (the “ESOP Transaction”). Specifically, the Complaint alleges that Argent violated its duties under ERISA § 404, 29 U.S.C. §1104, and ERISA § 406, 29 U.S.C. § 1106, when it, among things, caused the ESOP to borrow money from a party in interest; caused the Plan to acquire Symbria shares from the selling shareholders, which included Jill Krueger, Thomas Noesen, Jr., John R. Callen, Central Baptist Village, Covenant Retirement Communities, Inc., Franciscan Sisters of Chicago Service Corporation, LifeLink Corporation, Lutheran Home and Services for the Aged, Inc., Mather Lifeways, Norwegian Lutheran Bethesda Home Association, Norwood Life Care Foundation, Friendship Senior Options, NFP, Rest Haven Illiana Christian Convalescent Home, St. Paul’s House & Healthcare Center, and United Methodist Homes & Services (the “Selling Shareholders”); acted for the benefit of Symbria and its Selling Shareholders by approving a purchase price for Symbria stock that exceeded its fair market value; and breached its fiduciary duties that it owed to the ESOP.

Argent denies all of the allegations in the Class Action, denies any wrongdoing regarding the ESOP Transaction, and has vigorously defended the Class Action. The Court has not made any determination as to the merits of this case, liability, or the validity of any allegation in the Complaint whatsoever.

2. What is a class action

A class action is a lawsuit in which the claims and rights of many people are decided in a single court case. One or more representatives known as “class representatives” file a lawsuit asserting claims on behalf of the entire class. The class representative in this case is Carolyn Placht. The Class Representative is a former employee participant in the ESOP.

3. Who is a member of the Class?

On January 15, 2025, the Court granted Plaintiff’s Motion for Preliminary Approval of Settlement.

The Class is defined as: “all participants in the Symbria Inc. Employee Stock Ownership Plan and the beneficiaries of such participants as of the date of the October 31, 2015 ESOP Transaction or anytime thereafter. Excluded from the Class are the shareholders who sold their Symbria stock to the Plan, directly or indirectly, and their immediate families; the directors and officers of Symbria and their immediate families; and legal representatives, successors, and assigns of any such excluded persons.”

Class Members do not have the right to exclude themselves from the Class or the benefits of the Settlement. This Lawsuit was certified as a mandatory (“non-opt-out”) class action.

4. Why did I get a Notice?

Class Members received a Notice because the Court ordered that Notice be provided to participants in the Symbria Inc. ESOP who are potential members of the Class. Whether or not a person meets this definition will be based on the Plan’s records. Class Members may have received a Notice because, based upon those records, they are believed to be a member of the Class. The purpose of the Notice is to provide Class Members with information about the Settlement and their rights, including their right to object to the Settlement, before the Court decides whether to approve the Settlement.

THE PROPOSED SETTLEMENT

To avoid the additional expense, delay, and uncertainty of the outcome of fully litigating the Class Action, Plaintiff, in her own capacity and as representative of the Class defined above, and Defendant have agreed to a Settlement that provides payments to Class Members. These and other terms of the Settlement are set forth in the Class Action Settlement Agreement dated December 23, 2024 (“Settlement Agreement”) and are summarized below. The complete Settlement Agreement is available here or from Class Counsel. Unless stated otherwise in the Notice, capitalized terms have the meanings stated in the Settlement Agreement.

5. How much is the Settlement Amount?

Defendant, as described in the Settlement Agreement, has agreed to make a total payment of $5,900,000 (the “Settlement Amount”) into the Settlement Fund. The Settlement Amount, plus any accrued interest, shall be the “Gross Settlement Amount.”

The “Net Settlement Amount” of the Settlement paid to Class Members shall be the Gross Settlement Amount minus:

1. Administrative Expenses, which include amounts required to pay taxes, administer the Settlement Fund Escrow Account, issue notice of the Settlement and communicate with Class Members, issue notices required by the Class Action Fairness Act of 2005, 28 U.S.C. §§ 1711–1715, and make payments to the Class Members.


2. The fees and costs of the Independent Fiduciary if the Settlement becomes Final.


3. Class Counsel’s Attorneys’ Fees and Costs, which shall not exceed one-third of the Settlement Amount plus reasonable litigation expenses.


4. If approved by the Court, a Class Representative Award to the Plaintiff.

6. What will be my share of the Settlement?

The Net Settlement Amount will be distributed to Class Members in accordance with the Plan of Allocation approved by the Court, a copy of which is available here established by the Settlement Administrator as indicated below. The Plan of Allocation should be reviewed for a more detailed description of the method that will be used to determine the payment a Class Member will receive. In general, a Class Member’s share of the Net Settlement Amount will be distributed based on the proportion of the vested shares of Symbria stock he or she held in the Plan during the Class Period divided by the total number of vested shares held by all Class Members in the Plan during the Class Period.

Class Members will not need to submit a claim to receive their allocated portion of the Net Settlement Amount from the Settlement. Their allocated portion will be calculated based on the Plan’s records. The allocable portion of the Net Settlement Amount of the Class Members shall be distributed to the Class Members directly by the Settlement Administrator: (a) to Class Members with an active ESOP account in the Symbria Inc. ESOP, via a cash allocation to their account in the ESOP to be deposited into a money market fund in the ESOP and (b) to Class Members without an active ESOP account either by check or as a deposit into an individual retirement account or other eligible retirement plan, at the Class Member’s election.

Class Members without an active ESOP account who wish to deposit their settlement allocation to an individual retirement account or other eligible retirement plan will need to make an election by completing the Election Form online by April 3, 2025. If a Class Member does not submit the Election Form by that date, then his or her settlement allocation will be paid by check, less tax withholding.

7. What do I give up as a result of the Settlement?

In exchange for payment of the Settlement Amount, and satisfaction of the conditions contained in the Settlement Agreement, all Class Members (and their beneficiaries, heirs, executors, administrators, estates, past and present partners, agents, attorneys, representatives, and assigns) and the Plan will release (or give up) any and all claims of any nature whatsoever (including claims for any and all losses, damages, unjust enrichment, attorneys’ fees, disgorgement of fees, litigation costs, injunction, declaration, contribution, indemnification, or any other type or nature of legal or equitable relief) (the “Released Claims”), whether against Released Parties (as that term is defined in the Settlement Agreement) in their capacity as individuals or entities, that arise out of or are in any way related to (a) the allegations, acts, omissions, facts, matters, transactions, or occurrences that were alleged, asserted, or set forth in the Complaint (which can be viewed online here), whether or not included as counts in the Complaint; (b) Defendant’s service as trustee for the Plan; and (c) the approval by the Independent Fiduciary of the Settlement Agreement, unless brought against the Independent Fiduciary alone. The Released Claims do not include any individual ESOP participant's or beneficiary's claim for benefits under Section 502(a)(1)(B) of ERISA based only on errors unrelated to the allegations in the Class Action regarding that participant's salary, age, or years of service.

Class Members and their beneficiaries, heirs, executors, representatives, and assigns and any successor trustee will be prohibited from filing or pursuing any other lawsuits or actions based on such claims against (a) Defendant, (b) Defendant’s representatives, board of directors (including past, present and future members of the board of directors), managers, officers, trustees, partners, agents, investment advisers or consultants, members, shareholders (in their capacity as such), employees, attorneys, insurers, co-insurers, reinsurers, accountants, auditors, personal representatives, owners, spouses, heirs, executors, administrators, and members of their immediate families, and all persons acting under, by, through, or in concert with any of them against which Plaintiff did or could have brought claims in this action; (c) Defendant’s affiliated and related entities, including Defendant’s past, present, and future affiliates, subsidiaries, divisions, joint ventures, predecessors, successors, successors-in-interest, and assigns; and (d) each of the affiliated and related entities’ respective representatives, boards of directors (including past, present and future members of the boards of directors), managers, officers, trustees, partners, agents, investment advisers or consultants, members, shareholders (in their capacity as such), employees, attorneys, insurers, co-insurers, reinsurers, accountants, auditors, personal representatives, owners, spouses, heirs, executors, administrators, and members of their immediate families, and all persons acting under, by, through, or in concert with any of them against which Plaintiff did or could have brought claims in this action. The Releases and the Covenant Not to Sue are set forth in full in the Settlement Agreement, which can be viewed here, or requested from Class Counsel.

8. Can the Settlement be Terminated?

The Settlement may be terminated on several grounds, including if the Court does not approve the terms of the Settlement Agreement. If this occurs, the Class Action will proceed as if the Settlement had not existed. The Settlement will not be final until after the Court has granted final approval of the settlement and any appeals have been resolved or the time that all appeals has ended. The earliest that the Settlement will be final is 30 days after the Final Approval Hearing, but it may be later than that. Your patience is appreciated.

STATEMENT REGARDING THE POTENTIAL OUTCOME OF THE CLASS ACTION

As with any lawsuit, the Plaintiff and Argent would face an uncertain outcome if the Class Action were not settled. Continued litigation could result in a judgment greater or less than the amount obtained in the Settlement, or in no recovery at all. The Plaintiff and Defendant disagree about whether Defendant did anything wrong, and they do not agree on the amount, if any, that would be recoverable even if Plaintiff prevailed at trial. Defendant has denied, and continues to deny, all claims and contentions of the Plaintiff in the Class Action, has denied, and continues to deny, any wrongdoing or liability whatsoever, and is entering into the Settlement solely to avoid the cost, disruption, and uncertainty of litigation. A settlement avoids the expense, further delay, and uncertainty of a trial and gives money to Class Members more quickly. The Plaintiff and the attorneys for the Class think the Settlement is best for all Class Members.

9. What is the Settlement approval process?

The Court has granted preliminary approval of the proposed Settlement and has approved the Notice to the Class. The Settlement will not take effect, however, until it receives final approval from the Court after an opportunity for Class Members to object, as described below. Following the deadline for objecting to the Settlement, the Court will hold a Fairness Hearing at 9:45 a.m. on April 24, 2025 at the United States District Court for the Northern District of Illinois, in the courtroom of Judge Sunil R. Harjani, located at 219 S. Dearborn, Chicago, Illinois 60604. The date and location of the Fairness Hearing is subject to change by order of the Court, which will appear on the Court’s docket for this Class Action.

10. Do I have an opportunity to Object to the Settlement?

If you are a Class Member, you can object to the Settlement if you do not like any part of it. To object, you must send your objection to the Clerk of Court, U.S. District Court for the Northern District of Illinois, 219 S. Dearborn, Chicago, Illinois 60604, and to the Parties at the following addresses:

Objections must be filed with the Court and bearing a postmark by April 3, 2025 (21 calendar days before the Fairness Hearing). Objections filed after that date will not be considered. In addition, copies of any objections must be sent to the Parties at the addresses above and bearing a postmark no later than April 3, 2025 (21 calendar days before the Fairness Hearing). To be valid, the objection must set forth, in clear and concise terms: (a) the case name and number (Placht v. Argent Trust Company, Case No. 1:21-cv-05783); (b) the name, address, and telephone number of the objector objecting and, if represented by counsel, the name, address, and telephone number of his or her counsel; (c) the complete basis for objection; (d) a statement of whether the objector intends to appear at the Fairness Hearing, either with or without counsel; (e) a statement of whether the objection applies only to the objector, to a specific subset of the class, or to the entire class, and (f) copies of all supporting documents.

Any Class Member who files and serves a written objection in accordance with the above paragraph may appear, in person or by counsel, at the Fairness Hearing, to show cause why the proposed Settlement should not be approved as fair, adequate, and reasonable, but only if the objector: (a) files with the Clerk of the Court a notice of intention to appear at the Fairness Hearing by the objection deadline (“Notice of Intention to Appear”); and (b) serves the Notice of Intention to Appear on Class Counsel and Defense Counsel by the objection deadline.

The Notice of Intention to Appear must include copies of any papers, exhibits, or other evidence that the objector will present to the Court in connection with the Fairness Hearing. Any Class Member who does not file a Notice of Intention to Appear in accordance with the deadlines and other specifications set forth in the Settlement Agreement and Class Notice shall be deemed to have waived his or her right to appear.

Any Class Member who does not make his or her objection in the manner provided shall be deemed to have waived such objection, shall not be permitted to object to any terms or approval of the Settlement at the Fairness Hearing, and shall forever be foreclosed from making any objection to the fairness, reasonableness, or adequacy of the proposed Settlement as incorporated in the Settlement Agreement, and to the award of attorneys’ fees and expenses to Class Counsel and the payment of a Class Representative Award for Plaintiff’s representation of the Class, unless otherwise ordered by the Court. Responses to objections shall be filed seven (7) days before the Fairness Hearing.

The Court will consider Class Member objections in deciding whether to grant final approval of the Settlement. Class Members who do not comply with these procedures, or who miss the deadline to file an objection, lose the opportunity to have their objection considered by the Court or to appeal from any order or judgment entered by the Court regarding the Settlement.

11. What are the Attorneys’ Fees, Expenses and Service Award for Named Plaintiffs

The attorneys for the Plaintiff and the Class (“Class Counsel”) are:

Gregory Y. Porter
Ryan T. Jenny
Patrick O. Muench
Laura E. Babiak
Bailey & Glasser, LLP
1055 Thomas Jefferson Street, NW
Suite 540
Washington, DC 20007

Class Counsel will seek an award of Attorneys’ Fees and Costs of no more than one-third of the Settlement Amount. Class Counsel’s litigation costs include the cost and expense of process servers, e-discovery fees, legal research costs, court fees, and experts retained by Class Counsel. Class Counsel shall also seek a Class Representative Award for the named Plaintiff from the Settlement Amount. The fee application and supporting papers will be filed on or before 45 days before the Fairness Hearing. After that date you may review the application and supporting papers here You may file an objection to the request for attorneys’ fees and expenses and to the Service Awards under the same procedures for objecting to the Settlement. Any Attorneys’ Fees and Costs and Class Representative Award approved by the Court, and the expenses incurred by the Settlement Administrator in sending the Notice and otherwise administering the Settlement, will be paid from the Gross Settlement Amount.

12. How do I Get More Information?

This website and the Notice provide only a summary of the Settlement. For more detailed information, you may review the full Settlement Agreement, the Court’s order granting Preliminary Approval of the Settlement, the Notice, and other relevant pleadings and documents here. You may also contact Class Counsel for more information.

13. What if my address or other information changes after I receive my notice or file a claim?

It is your responsibility to inform the Settlement Administrator of your updated address or other information. You may do so by email to the following email address: info@SymbriaESOPSettlement.com or by U.S. Mail to the following mailing address:

Symbria ESOP Settlement
c/o Settlement Administrator
P.O. Box 26170
Santa Ana, CA 92799

Please do not contact the Court, Defendant, or Defendant’s counsel (other than to mail them any written objections). They will not be able to give you additional information.