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: At the request of the Independent Fiduciary, last summer Class Counsel sought and received additional information for loss calculations from Principal, the ESOP's former record-keeper. The Independent Fiduciary and Settlement Administrator reviewed the additional information, made a determination of how the new information related to that previously provided and developed a methodology for loss calculation believed to be fair for all Class Members. We are in the process of finalizing all the necessary details for the calculations and the notice and distribution process.
Although dividing up the settlement money seems like a simple task, it is the responsibility of the Independent Fiduciary to ensure that each Class Member has the opportunity to receive a distribution in a way that complies with the provisions of the Settlement, the ESOP and with applicable federal and state laws.
Once loss calculations are complete, a second notice estimating the amount of each Class Member's distribution will be sent which will explain how to receive the distribution, and how to provide documents to support any disputes. The notice will include 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 and distribution cannot occur until the required appeal period has passed. The exact date of the second mailing is not known at this time; however, the goal is to send out notices and election forms before the end of February 2018. We will update the settlement web site once calculations are completed and when we have a firm estimate of the date on which notices and election forms will be sent.
Given the required appeal period, it is most likely that distributions will be sent out late in the second quarter of 2018, if there are no appeals, or sometime in the third quarter of 2018, if there is an appeal.
If you would like to confirm your status as a member of the Class, you can contact the Settlement Administrator with your full name, mailing address, and the last four digits of the Social Security Number at info@MonaVieESOPSettlement.com.
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.