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Vested participants in or beneficiaries of the BNBuilders Inc. Employee Stock Ownership Plan between Dec. 23, 2021, and Dec. 31, 2025, may be eligible to claim a share of a class action settlement.
BNBuilders agreed to pay $5 million to settle a class action lawsuit alleging violations of federal law related to the sale of the company to its ESOP at an inflated price. The lawsuit claims this transaction breached fiduciary duties under the Employee Retirement Income Security Act.
Who qualifies for the class action payout?
Class members include all vested participants in the BNBuilders ESOP from Dec. 23, 2021, to Dec. 31, 2025, and their beneficiaries, including surviving spouses or alternate payees under a qualified domestic relations order.
How much is the settlement payment?
Pro rata cash payment: Eligible class members will receive a pro rata cash payment from the net settlement fund. The payment each class member receives depends on the number of vested shares they held during the class period compared to the total shares all class members held.
How to claim a class action payment
Eligible class members do not need to file a claim to receive their share of the settlement. The settlement administrator already has the necessary information from plan records to determine eligibility and calculate awards and will automatically distribute funds by check mailed to the address on file.
Those who would prefer to receive their payment via rollover to a qualified retirement account, such as a traditional or Roth IRA, 401(a)/401(k), 403(b) or governmental 457(b), must submit the online rollover form or print and complete the PDF rollover form and mail it to the settlement administrator.
Settlement administrator's mailing address: BNBuilders ESOP Settlement, c/o Atticus Administration, P.O. Box 64053, Saint Paul, MN 55164
The deadline to elect a rollover is Nov. 25, 2026.
Required information
- Class members who use the online rollover form must provide the claimant ID from the settlement notice they received.
- Beneficiaries must provide documentation if they file a claim on behalf of a deceased participant.
- The settlement administrator may contact alternate payees for further instructions if they file a claim under a qualified domestic relations order.
Payout options
- Check mailed directly to the class member (default option and subject to tax withholding)
- Direct rollover to a qualified retirement account (no automatic tax withholding)
$5 million settlement fund breakdown
The $5,000,000 settlement includes:
- Settlement administration costs: Amount not specified
- Independent fiduciary fees: Amount not specified
- Attorneys' fees: Up to $1,250,000
- Attorneys' expenses: Up to $600,000
- Service award to class representative: Up to $15,000
- Payments to eligible class members: Remainder of the settlement fund
Important dates
- Deadline to submit rollover form: Nov. 25, 2026
- Fairness hearing: Dec. 16, 2026
When is the BNBuilders Inc. payout date?
The settlement administrator will issue payments to eligible class members after the court resolves any appeals and grants final approval of the settlement.
Why did this class action settlement happen?
The class action lawsuit alleged BNBuilders and other defendants breached their fiduciary duties under the Employee Retirement Income Security Act by selling the company to its ESOP at an inflated price.
The defendants deny any wrongdoing but agreed to settle to avoid the risks and costs of continued litigation.
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