The Bank Trustee with fiduciary responsibility for establishing the Mona Vie, Inc. ESOP violated the Employee Retirement Income Security Act (“ERISA”) by allowing Mona Vie, Inc. and its original owners to unload Mona Vie stock at grossly inflated values to the ESOP and saddle Mona Vie, Inc. employees with a crushing loan to finance the ESOP transaction. Read the Complaint here.
Class Legal Team
Greg Porter of Bailey Glasser LLP & Major Khan of MKLLC Law.
January 9, 2017 Settled for $15,789, 602.30 to 389 current & former employee participants of the Mona Vie, Inc., ESOP.
What this means
An average recovery of over $39,000 per employee participant. If rolled into an IRA, the monies can continue to grow tax-free until retirement.
What to expect next
If you have not been contacted by the Class Settlement Administrator or would like information on status, please go to the settlement website: www.monavieesopsettlement.com.