Employee Says Greatbanc Trust Cannot Be Trusted with Pension Plan Valuation

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A Chemonics International, Inc. employee has filed suit against GreatBanc Trust Company – the trustee for the Chemonics Employee Stock Ownership Plan – for allegedly authorizing the pension plan to purchase Chemonics stock “for more than fair market value.” According to the suit, the plan allowed participants to invest in company stock, and GreatBanc was responsible for ensuring that all transactions were “fair and reasonable.” The plaintiff claims the defendant allowed plan participants to acquire stock at an inflated price as a result of its “faulty valuation,” and therefore suffer significant financial losses.