This website has been established to provide general information related to the preliminarily approved of the proposed Settlement of the action Jessop v. Larsen, et al., Civil No. 2:14-cv-00916, and the resulting Settlement Fund. The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Class Action Settlement Agreement dated November 11, 2016 (the "Settlement Agreement"), which can be found and downloaded by clicking on the Case Documents tab above.
UPDATE: Allocation calculations are now complete and a second notice estimating the amount of each Class Member's distribution was mailed February 16, 2018. The notice explained how to receive a distribution of an allocated amount, and how to provide documents to support any disputes. The notice includes the estimated amount of distribution and the data relied upon, as all Class Members have the opportunity to appeal the distribution amounts in the notices by providing documentation that the Class member’s data relied on in calculating the allocation was incorrect. The deadline to return the election form and/or dispute the allocated amount and provide supporting documentation was April 2, 2018.
KCC LLC will send out a second mailing of distribution notice packets to Class Members whose first mailing was returned as undeliverable and to Class Members who have not yet returned election forms.
As you know, no distribution may be made until all Class Members have had the opportunity to appeal their estimated allocations. It is currently estimated that distributions will be sent out early in the third quarter of 2018.
If you would like to confirm your status as a member of the Class and the address to which the notice packet was mailed, you can contact the Settlement Administrator with your full name, mailing address, and the last four digits of your Social Security Number at info@MonaVieESOPSettlement.com.
Notice packets were sent via Certified Mail. Please wait a week or two from the mail date for it to be delivered. If you have not received your notice packet by early March, please contact the Settlement Administrator to request your packet via email.
CASE BACKGROUND: This is a certified class action pending before the Honorable Bruce S. Jenkins in the United States District Court for the District of Utah Central Division. The Court appointed Bailey & Glasser LLP and Magleby & Greenwood, P.C. as Class Counsel.
The class action is brought by Plaintiff Kelly Jessop on behalf of participants and beneficiaries of the Mona Vie, Inc. ("Mona Vie") Employee Stock Ownership Plan (“Mona Vie ESOP”) alleging that Defendants Bankers Trust Company (and/or Bankers Trust Company of South Dakota, collectively “BTC”), Dallin Larsen, Randy Larsen, and Henry Marsh (the “Individual Defendants”) violated the Employee Retirement Security Income Act of 1974 ("ERISA") and breached their fiduciary duties in connection with the purchase of Mona Vie stock by the Mona Vie ESOP on or about November 17, 2010 (“the 2010 Transaction”) for $186 Million. Specifically, Plaintiff alleges that BTC violated ERISA, because BTC: (1) caused or permitted the Mona Vie ESOP to engage in the transaction without undertaking an appropriate investigation of the 2010 Transaction as proposed; (2) was aware of facts or should have known facts evidencing that the 2010 Transaction was imprudent and not in the best interest of the ESOP’s participants and beneficiaries; (3) caused or permitted the ESOP to take on excessive debt in the transaction; (4) engaged in the 2010 Transaction without regarding the conflicts of interested parties who assisted it in the 2010 Transaction; and (5) did nothing to cure the overpayment by the ESOP for its shares. Plaintiff also alleges that the Individual Defendants violated their fiduciary duties under ERISA by participating in the 2010 Transaction and not taking prudent steps in the selection of BTC as trustee for the ESOP. Plaintiff also alleges that the Individual Defendants are parties-in-interest under ERISA who knowingly participated in the breaches of fiduciary duty committed by BTC. The United States Department of Labor (“DOL”) has also investigated the 2010 Transaction.
BTC and the Individual Defendants deny liability to all of these allegations; deny that these allegations are true; and have vigorously defended themselves in the Lawsuit. BTC and the Individual Defendants do not admit wrongdoing of any kind regarding the Mona Vie ESOP, 2010 Transaction or the Lawsuit.
To avoid the additional expense of continuing the Lawsuit and the uncertainty of the outcome of the Lawsuit, Plaintiff and Defendants have agreed to a Settlement that involves monetary payments to Plan participants.
The proposed Settlement will result in the creation of a $19.8 million Settlement Fund.
The Settlement Agreement proposes a class action settlement that would cover and be binding on the following certified class of individuals (the “Class”): All individuals who were participants in the Mona Vie, Inc. Employee Stock Ownership Plan at any time on or after November 17, 2010, to the date of judgment and their beneficiaries, but excluding the individual defendants, Dallin Larsen, Henry Marsh and Randy Larsen and any beneficiary claiming directly through them.
If you are included in the above definition of the Class, you are included in the Class. The Class is mandatory and you cannot opt-out.
Although the information in this website is intended to assist you, it does not replace the information contained in the Notice of Class Action Settlement or the Settlement Agreement, both of which can be downloaded from the Case Documents tab above.