Employee Ownership Legal Digest
Christopher Wingard

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Chris is an associate in Kleinbard’s Business & Finance Practice. He advises corporations, shareholders, directors and employee stock ownership plan (ESOP) trustees on a wide variety of ESOP-related issues. He provides guidance regarding corporate governance, business succession planning, ESOP plan design and ongoing ESOP compliance. He has experience representing middle market corporate clients across a wide range of industries, including engineering, manufacturing, construction and professional services. Prior to joining Kleinbard, Chris was an associate in an ESOP legal practice based in the greater Philadelphia area. Chris is a graduate of Boston University, where he earned his JD and MBA, with honors. During his time in law school, he also counseled startups from BU and MIT on various corporate and IP matters.

Christopher Wingard

September 28, 2026

Motion Filed for Preliminary Approval of $5.55 Million Settlement in Russelectric ESOP Case

On September 3, 2026, plaintiffs filed an unopposed motion for preliminary approval of a $5.55 million class action settlement with certain defendants in the ongoing litigation involving Russelectric Inc.’s ESOP. The case, filed in 2022 on behalf of former ESOP participants and the ESOP itself, alleged multiple breaches of ERISA fiduciary duties by defendants related to Russelectric Inc.’s redemption and termination of the ESOP in 2016 and the subsequent 2019 sale of the company.

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Christopher Wingard

September 28, 2026

Court Grants Preliminary Approval of Class Action Settlement in BNBuilders, Inc. ESOP Case

A federal district court in Washington has granted preliminary approval to a class action settlement in a case alleging that the BNBuilders, Inc. ESOP overpaid for BNBuilders, Inc.’s stock in a 2021 ESOP transaction.

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Christopher Wingard

September 28, 2026

Final Settlement Approved in New England Biolabs ESOP Case

On August 7, 2025, a federal district judge in Massachusetts approved a $7,150,000 class settlement for former New England Biolabs, Inc. employees who alleged that the company’s redemption of their ESOP shares was completed at an unfairly low price.

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Christopher Wingard

August 21, 2026

Court Denies Motion to Decertify Class in ESOP Cash-Only Investment Case

On August 14, 2026, a federal court in Arizona denied Wilson Electric Services Corporation and related defendants’ motion to decertify a class in an ongoing lawsuit challenging the ESOP plan committee’s investment in low-yielding money market accounts.

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Christopher Wingard

August 12, 2026

Court Dismisses Former Employee’s Challenge to Forced ESOP Stock Repurchase

The US District Court for the Middle District of Tennessee dismissed a putative class action lawsuit against Zander Group Holdings, Inc. and the ESOP’s fiduciaries brought by a former employee and ESOP participant.

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Christopher Wingard

July 22, 2026

Seventh Circuit Affirms Defense Victory in ESOP Company Sale Challenge

The US Court of Appeals for the Seventh Circuit affirmed a district court judgment in favor of GreatBanc Trust Company and former directors and executives of the Segerdahl Corporation, rejecting claims that the defendants breached ERISA fiduciary duties.

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Christopher Wingard

June 17, 2026

Court Issues Split Trial Ruling in Russelectric ESOP Case

Following a bench trial, a Massachusetts federal court issued a mixed ruling in the long-running Russelectric ESOP litigation, finding in favor of plaintiffs on certain fiduciary breach claims while rejecting others.

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Christopher Wingard

May 05, 2026

Federal Court Allows DOL Claims Against Gleason Research to Proceed

The US District Court for the Northern District of Alabama (the “Court”) denied a motion to dismiss filed by Gleason Research Associates, Inc. (the “Company”) and individual defendants in a lawsuit filed by the US Department of Labor (“DOL”) alleging violations of ERISA.

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Christopher Wingard

March 13, 2026

Court Permits Most Claims in Hollandia ESOP Suit to Proceed

At the motion to dismiss stage, a North Carolina federal district court permitted most ERISA fiduciary-breach claims, brought by former Hollandia Produce Group, Inc.’s employees on behalf of the company’s ESOP, to proceed against GreatBanc Trust Company (the ESOP trustee); Mosaic Capital Investors I, LP; True West Capital Partners Fund II, L.P.; certain other defendants; and attorney Michael Zeller.

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Christopher Wingard

March 04, 2026

Court Permits ESOP Suit Against Aluminum Precision Products

A federal district court in the Central District of California has allowed several ERISA claims to move forward in a class action suit brought by ESOP participant Gustavo Moran against the ESOP Committee of the Aluminum Precision Products, Inc. Employee Stock Ownership Plan.

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