Lift, Inc. Employee Stock Ownership Plan (ESOP) Lawsuit

Do you have an investment in the Lift, Inc. Stock Ownership Plan? You may have a legal claim.

Bailey Glasser is currently investigating claims that the trustee of the Lift, Inc. Employee Stock Ownership Plan breached its statutory fiduciary obligations by causing the plan to overpay for Lift Inc. preferred stock in a 2019 stock purchase transaction.  If the allegations are true, Lift, Inc. employees and their retirement plan may have lost millions of dollars.

If you were a participant or beneficiary in the Lift, Inc. Employee Stock Ownership Plan, you may be eligible for financial compensation.  Contact Bailey Glasser as soon as possible for a free and confidential consultation.

Who May Be Eligible for a Claim?

If you are a current or former employee of Lift, Inc. and participated in the Employee Stock Ownership Plan, you may be eligible for a claim. Specifically, claimants must have:

• Participated in the Lift, Inc. Employee Stock Ownership Plan,
• Fully or partially vested in the company stock allocation, and
• Not signed a release as part of a severance agreement.

If you or a loved one meet these criteria, it is in your best interests to speak with an attorney as soon as possible to protect your rights.

 Why Choose Bailey Glasser?

• At Bailey Glasser, we have extensive trial and class action experience in complex pension, 401(k) plan, and employee stock ownership plan (ESOP) lawsuits in federal court.  We understand complex financial transactions, investments, and instruments.
• Our attorneys have recovered hundreds of millions of dollars on behalf of employees who lost retirement savings in 401(k) plans and ESOPs.
• There are no upfront costs.  We handle all cases on a contingency fee basis, meaning we take the financial risk and only charge a fee if we successfully resolve your claim.

An Overview of the Allegations

An employee stock ownership plan – or ESOP – is an employee benefit plan that gives workers a beneficial ownership interest in their employer in the form of shares of company stock.  When companies form ESOPs they hire a trustee to represent the ESOP and the employees in the transaction when the ESOP purchases company stock. Federal law requires the ESOP to pay no more than fair market value for company stock. Because Lift Inc. is not publicly traded, fair market value must be determined based on the standard of what hypothetical, arm’s length buyers and sellers would pay or sell for.

It is alleged the trustee for the Lift, Inc. ESOP, Aegis Fiduciary Services, LLC, caused the ESOP to pay more than fair market value for Lift Inc. preferred stock. Among other things, it is alleged the trustee did not conduct a proper investigation and valuation into the fair market value of the stock.

What Should I Do If I Was Affected?

If you or a loved one participated in Lift, Inc.’s employee stock ownership plan, you may not have received a significant portion of the retirement benefit due.  However, as a plan participant or beneficiary, you have rights and may be eligible to file a claim.  Please call us or fill out our contact form as soon as possible.  Our attorneys will examine the facts and thoroughly explain your legal options.  If you do have a valid claim, Bailey Glasser can handle every aspect of your claim, from inception to a successful resolution.

Our Practice Representing Employee Investors 

Bailey Glasser focuses on ESOPs that invest in private companies. Federal pension law provides generous tax subsidies to shareholders and companies that sell their stock to an ESOP. In exchange for these tax benefits, federal law requires that an independent trustee decides whether the stock transaction should happen. Independent trustees are supposed to act like a hypothetical prudent buyer in the market for a private company. Unfortunately, in our experience, these trustees do not always conduct adequate due diligence, do not have a sophisticated understanding of corporate transactions, and are more interested in collecting trustee fees paid by the employer than doing their job.

The US Department of Labor has long identified ESOPs as an enforcement priority due to rampant abuses by plan service providers, and the firm has worked closely with the DOL on lawsuits. Bailey Glasser’s ESOP practice strives to obtain real money for our clients and create real changes in the industry.