Henry v. Wilmington Trust

MARLOW HENRY, et al., v. WILMINGTON TRUST, N.A. ET AL.
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF DELAWARE
Case No. 1:19-CV-09125-JLH

Plaintiff Marlow Henry (“Plaintiff”), a participant in the BSC Employee Stock Ownership Plan (“the Plan”) sponsored by BSC Ventures Holdings, Inc. (“BSC”), filed this lawsuit against Wilmington Trust, N.A., et al. (“Defendants”), in the U.S. District Court for the District of Delaware (the “Lawsuit”). The Lawsuit claims that Wilmington Trust violated a federal statute, the Employee Retirement Income Security Act of 1974 (“ERISA”), in connection with the Plan’s acquisition of BSC stock in January 2016 for $50 million (the “ESOP Transaction”). Specifically, Plaintiff alleges that Wilmington Trust violated ERISA § 404, 29 U.S.C. §1104, and ERISA § 406, 29 U.S.C. § 1106, when it, among things, approved a purchase price for BSC stock that exceeded fair market value. Plaintiff alleges that the remaining Defendants had knowledge of, and benefitted from, the alleged violations of ERISA.

For Detailed Information about this proposed settlement, you can refer to the Notice and the Settlement Agreement.

Who is Included?

The Settlement Class is defined as: “All participants in the BSC Ventures Holdings, Inc. Employee Stock Ownership Plan and the beneficiaries of such participants as of the date of the 2016 ESOP Transaction through December 31, 2024.” Whether or not a person meets this definition will be based on the Plan’s records.

What are you Rights and Options?

If you are a Class Member, you can object to the Settlement if you do not like any part of it. To object, you must send your objection by November 12, 2025, to the Clerk, U.S. District Court for the District of Delaware, 844 North King Street, Unit 17, Room 6D, Wilmington, Delaware 19801, and to the Parties at the following addresses:

To Class Counsel:

Gregory Y. Porter
Bailey & Glasser, LLP
1055 Thomas Jefferson Street, NW
Suite 540
Washington, DC 20007

Daniel Feinberg
Feinberg, Jackson, Worthman & Wasow LLP
2030 Addison Street, Suite 500
Berkeley, CA 94704

To Defendants’ Counsel:

Mark A. Nebrig
Moore & Van Allen PLLC
100 North Tryon Street, Suite 4700
Charlotte, NC 28202-4003

For Defendants other than Wilmington Trust

Michael Prame
Groom Law Group, Chartered
1701 Pennsylvania Avenue, NW
Washington, D.C. 20006

For Defendant Wilmington Trust

Settlement Administrator:

Henry v. Wilmington Trust
c/o RG/2 Claims Administration, LLC
P.O. Box 59479
Philadelphia, PA 19102-9479

Objections must be filed with the Court by November 12, 2025. Objections filed after that date will not be considered. To be valid, the objection must set forth, in clear and concise terms:

  1. the case name and number (Henry v. Wilmington Trust N.A., Case No. 19-1925-JLH);
  2. the name, address, and telephone number of the objector and, if represented by counsel, of his or her counsel;
  3. the complete basis for objection;
  4. a statement of whether the objector intends to appear at the Fairness Hearing, either with or without counsel;
  5. a statement of whether the objection applies only to the objector, to a specific subset of the Settlement Class, or to the entire Settlement Class;
  6. copies of all supporting documents.

When will the Hearing Be?

The Court will hold a Fairness Hearing at 10:00 a.m. on December 3, 2025 at the United States District Court, located at 844 N King Street, Unit 17, Room 6D, Wilmington, Delaware 19801. The date and location of the Fairness Hearing is subject to change by order of the Court, which will appear on the Court’s docket for this Lawsuit.

Henry v. Wilmington Trust