Seventh Circuit Upholds Ruling That Arbitration in ESOP Case Inapplicable

In Smith v. Greatbanc Trust, No. 20 C 2350 (7th Cir., Sept. Sept. 10, 2021), the Seventh Circuit upheld a lower court ruling that an arbitration clause in a plan document could not be used to prevent a former participant from pursuing a claim that the ESOP had overpaid for shares in a valuation case involving Triad Manufacturing.