Court Allows Executive Trust Assets in Lloyd v. Argent Trust ESOP Lawsuit

On July 10, 2025, the United States District Court for the Southern District of New York allowed plaintiffs to amend their original complaint to add the trustees and beneficiaries of two trusts as defendants. These trusts received proceeds from a 2016 sale to the WBBQ Employee Stock Ownership Plan (ESOP), which is the subject of the plaintiffs’ suit. The newly added trusts are now possible sources of recovery for the plaintiffs.