A settlement has been reached in a class action lawsuit concerning The North Highland Company Employee Stock Ownership Plan (formerly known as The North Highland Company Employee Stock Ownership and 401(k) Plan) (the “Plan”). The class action lawsuit involves whether the Plan was administered in accordance with the Employee Retirement Income Security Act of 1974 (“ERISA”), including claims that fiduciaries breached their duties in connection with transactions involving the stock of North Highland ESOP Holdings, Inc. between 2016 and 2021. ERISA is the federal law that regulates and sets minimum standards for the administration of most retirement plans in the private sector, including the Plan.
The defendants in the class action are Argent Trust Company, North Highland ESOP Holdings, Inc., The North Highland Company, Inc., The North Highland Company LLC, The North Highland Holding Co., LLC, Dan Reardon, Alex Bombeck, Beth Schiavo, and Lauren Childers. Defendants deny all claims, and nothing in the Settlement is an admission or concession on Defendants’ part of any fault or liability whatsoever.
The Settlement will provide, among other things, for a $2,375,000.00 Qualified Settlement Fund that will be allocated to eligible Settlement Class Members after any Court-approved deductions for Attorneys’ Fees and Costs and Administrative Expenses.
The Settlement Class (whose members are “Settlement Class Members”) includes:
all participants in The North Highland Company Employee Stock Ownership Plan (formerly known as The North Highland Company Employee Stock Ownership and 401(k) Plan), and the beneficiaries of such participants, who held vested shares in the Plan in North Highland ESOP Holdings, Inc. at any time between October 1, 2016, and May 30, 2025. Excluded from the Class are the individual Defendants and their immediate families, and the legal representatives, successors, and assigns of any such excluded persons. |
Your rights and the choices available to you—and the applicable deadlines to act—are explained below. Please note that neither The North Highland Company nor any current or former employees, attorneys, or representatives of The North Highland Company may advise you as to what the best choice is for you or how you should proceed.
The Court still has to decide whether to give its final approval to the Settlement. Payments under the Settlement will be made only if the Court finally approves the Settlement in this Class Action and the final approval is upheld in the event of any appeal.
A Fairness Hearing will take place on November 5, 2026, at 2:00 p.m. EST, to determine whether to grant final approval of the Settlement and approve the requested Attorneys’ Fees and Costs and Administrative Expenses. If the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on this website.
Any objections to the Settlement, or to the requested Attorneys’ Fees and Costs and/or Administrative Expenses, must be filed with the Clerk of Court and served in writing on Class Counsel and Defense Counsel.
Your Legal Rights and Options Under the Settlement | |
Payment Option One: Rollover to an Individual Retirement Account or Qualified Employer Plan | This lawsuit concerns a retirement plan. You have the option of receiving your share of the Settlement in the form of a direct rollover to an individual retirement account or qualified employer plan. You may make an election by completing a Rollover Form online here on or before November 5, 2026. A Rollover Form may also be obtained by calling the Settlement Administrator at (833) 421-7346. Rollovers will be effectuated only if and when the Court gives final approval to the Settlement and the Settlement becomes effective. Payments distributed in the form of a rollover will not be subject to automatic withholding for taxes. |
Payment Option Two: Check Mailed Directly to You | If you do nothing in response to the Notice, the Settlement Administrator will attempt to mail your share of the Settlement directly to you by check. Checks will be distributed only if and when the Court gives final approval to the Settlement and the Settlement becomes effective. Payments made directly by check are subject to automatic tax withholding and tax reporting, as determined by the Settlement Administrator. |
You can object | If you wish to object to any part of the Settlement, or to the requested Attorneys’ Fees and Costs and/or Administrative Expenses, you must file and postmark your objection and any supporting documents with the Clerk of the Court, and mail copies to Class Counsel and Defense Counsel (see FAQ 11), at least 30 calendar days before the Fairness Hearing. Please note that you will not be permitted to make an objection to the Settlement if you do not comply with the requirements for making objections. |
You can attend a hearing on | You may also attend the Fairness Hearing and speak at the Fairness Hearing on November 5, 2026. If you wish to attend the hearing and speak at the hearing, you must provide Class Counsel and Defense Counsel with notice of your intent to appear postmarked at least 14 calendar days before the Fairness Hearing. Please note that you will not be permitted to speak at the Fairness Hearing if you do not comply with the requirements for making an objection. |
The case is called Phyllis Michele Howell, Simon Reisert, and Carole Speight v. Argent Trust Company, et al., Case No. 1:22-cv-03959-SDG (N.D. Ga.) (the “Class Action” or “lawsuit”). It has been pending since September 30, 2022. The Court supervising the case is the United States District Court for the Northern District of Georgia, Atlanta Division. The individuals who brought this lawsuit are called the Class Representatives, and the persons that were sued are called the Defendants. The Class Representatives (Phyllis Michele Howell, Simon Reisert, and Carole Speight) were participants in the Plan. Defendants are Argent Trust Company, North Highland ESOP Holdings, Inc., The North Highland Company, Inc., The North Highland Company LLC, The North Highland Holding Co., LLC, Dan Reardon, Alex Bombeck, Beth Schiavo, and Lauren Childers. The claims in the lawsuit are described in FAQ 2, and additional information about them, including a copy of the operative Complaint is available on the Important Documents page.
Following negotiations facilitated by a mediator with Class Counsel and Defense Counsel, a Settlement has been reached. If the Settlement is approved, a Qualified Settlement Fund of $2,375,000.00 will be established to resolve the claims against Defendants in the Class Action. The “Net Settlement Amount” is $2,375,000.00 plus any interest earned by the Qualified Settlement Fund minus all Court-approved: (a) Attorneys’ Fees and Costs and (b) Administrative Expenses. The Net Settlement Amount will be allocated to Settlement Class Members according to a Plan of Allocation to be approved by the Court and further described in FAQ 5.
Class Counsel has devoted significant time to investigating the facts, prosecuting the lawsuit, reviewing documents obtained from Defendants and third parties, and negotiating the Settlement. During that time, they have also achieved significant costs, including expert fees and other expenses necessary to pursue the case. Class Counsel took the risk of litigation and have not been paid for any of their time or for any of these costs throughout the time this case was pending.
Class Counsel will apply to the Court for payment of Attorneys’ Fees for their work in the case and the litigation costs advanced. The amount of fees and costs that Class Counsel will request will not exceed 33 1/3% of the Class Settlement Amount ($791,666.00). In addition, Class Counsel will seek to recover expenses incurred in litigating the case, which are expected to be less than $25,000.00. Any Attorneys’ Fees and Costs and Administrative Expenses awarded by the Court will be paid or reimbursed from the Qualified Settlement Fund.
Upcoming Important Dates
Objection Deadline
10/6/2026
Rollover Form Deadline
11/5/2026
Fairness Hearing
11/5/2026 at 2:00 P.M. EST