HENRY v. WILMINGTON TRUST NA

No. 21-2801.

72 F.4th 499 (2023)

Marlow HENRY, ON BEHALF OF the BSC VENTURES HOLDINGS, INC. EMPLOYEE STOCK OWNERSHIP PLAN, and on behalf of a class of all other persons similarly situated v. WILMINGTON TRUST NA; Brian Sass; E. Stockton Croft, IV, Appellants.

United States Court of Appeals, Third Circuit.

(Filed: June 30, 2023).


Attorney(s) appearing for the Case

Sarah M. Adams [ARGUED], Michael J. Prame , Groom Law Group Chartered, 1701 Pennsylvania Avenue NW, Suite 1200, Washington, DC 20006, Counsel for Appellant Wilmington Trust NA.

Mark A. Nebrig , Moore & Van Allen, 100 N Tryon Street, NationsBank Corporate Center, 47th Floor, Charlotte, NC 28202, Kevin J. Connors , Marshall Dennehey Warner Coleman & Goggin, P.C., 1007 N Orange Street, Nemours Building, Suite 600, Wilmington, DE 19801, Counsel for Appellants Brian Sass and E. Stockton Croft, IV.

Daniel Feinberg , Feinberg Jackson Worthman & Wasow, 2030 Addison Street, Suite 500, Berkeley, CA 94704, David A. Felice , Bailey & Glasser LLP, 2961 Centerville Road, Suite 302, Wilmington, DE 19808, Ryan T. Jenny , Gregory Y. Porter , Bailey & Glasser LLP, 1055 Thomas Jefferson Street, N.W., Suite 540, Washington, D.C. 20007, Peter K. Stris [ARGUED], Rachana A. Pathak , John R. Stokes , Stris & Maher LLP, 777 S. Figueroa Street, Suite 3850, Los Angeles, CA 90017, Tillman J. Breckenridge , Stris & Maher LLP, 1717 K Street, N.W., Suite 900, Washington, DC 20006, Counsel for Appellee.

Before: CHAGARES, Chief Judge, JORDAN and SCIRICA, Circuit Judges.


OPINION

Marlow Henry participated in an employee stock ownership plan ("ESOP") sponsored by his employer. After the ESOP purchased stock at what Henry believed was an inflated price, Henry filed a lawsuit against Wilmington Trust, N.A. ("Wilmington Trust"), the plan's trustee, and Brian Sass and E. Stockton Croft...

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