On December 10th and 13th, 2021, two lawsuits were filed in the U.S. District Court for the Central District of California on behalf of participants in the Western Global Airlines Inc. Employee Stock Ownership Plan (the “Plan”). Nichols Kaster, PLLP was counsel in the second of those suits. The lawsuits alleged that the Plan’s fiduciaries and the company’s owners (the Defendants in the case) violated the Employee Retirement Income Security Act (ERISA) by selling company stock to the Plan for more than its fair market value, to the detriment of the Plan and its participants.

On February 28, 2022, the two cases were consolidated and re-filed in the U.S. District Court of Delaware. The lawsuit seeks to recover the Plan’s financial losses and other equitable relief. For a copy of the Complaint, click here.

This case is entitled Burnett, et al. v. Prudent Fiduciary Services LLC, et al., Case No. 1:22-cv-00270 (D. Del.)

Case Updates

This case has settled. Please review the settlement website https://wgaesopsettlement.com/ for more information.

Attorneys

• Paul J. Lukas
• Brock J. Specht

Staff

• Amy Jorgenson