The lawsuit asks that the account of the plaintiffs and the class, which includes all other employees affected by the 2010 amendment, be credited with benefits calculated without regard to the 2010 amendment.
The plaintiffs are also seeking to eliminate the terms of the 2010 amendment to Jeld-Wen’s ESOP and bar the company from continuing to violate the terms the plan.
The lawsuit also requires that each fiduciary alleged, including Ron Saxton, Rod Wendt and five other John and Jane Does, to “jointly and severally pay such amount to the plan as is necessary to make the plan whole for any losses which resulted from said breaches of fiduciary duty and to disgorge any profits which have been made as a result of those breaches.”
It also seeks to order that “the proceeds of any recovery for the Jeld-Wen ESOP be allocated to the accounts of participants in the Jeld-Wen ESOP in proportion to the injury that they suffered as a result of any breach of fiduciary duty or other violation.”
It also seeks to remove the administrative committee from its role as fiduciary to the Jeld-Wen ESOP.
Posted: Friday, February 1, 2013 12:00 am
Updated: 10:01 am, Fri Feb 1, 2013.
Friday, February 1, 2013 12:00 am.
Updated: 10:01 am.