LISLE, Ill. — July 20, 2026 — GreatBanc Trust Company announced today that the United States Court of Appeals for the Seventh Circuit affirmed the district court’s judgment in favor of GreatBanc in Rush v. GreatBanc Trust Company, concluding a closely watched ERISA case involving the sale of the Segerdahl Corporation.
Following a three-week bench trial, the U.S. District Court for the Northern District of Illinois entered judgment for GreatBanc and the other defendants on all claims. The Seventh Circuit unanimously affirmed the decision in a published opinion, concluding that GreatBanc fulfilled its fiduciary obligations under ERISA and properly approved the transaction.
The Court of Appeals determined that GreatBanc conducted a careful fiduciary review, relied appropriately on qualified independent financial and legal advisors while performing its own independent investigation, and prudently exercised its responsibilities as ESOP trustee. The Seventh Circuit noted that GreatBanc undertook its own investigation, met extensively with advisors and company representatives, convened its Fiduciary Committee to evaluate the proposed transaction, and documented its analysis in a comprehensive fiduciary report before approving the sale. The court also affirmed the plaintiff failed to establish any breach of fiduciary duty, prohibited transaction, or recoverable damages.
The court concluded that the “careful and impartial investigation” satisfied GreatBanc’s fiduciary obligations under ERISA.
“This decision reaffirms the importance of a disciplined and robust fiduciary process in ESOP transactions,” said Julie Govreau, General Counsel of GreatBanc Trust Company. “We are pleased that both the district court and the Seventh Circuit validated the thoroughness of GreatBanc’s fiduciary review and affirmed our actions satisfied ERISA’s demanding fiduciary standards.”
GreatBanc’s continued success in defending its fiduciary decisions reflects the strength of its robust fiduciary process and its commitment to act solely in the interests of participants and beneficiaries.
About GreatBanc
GreatBanc Trust Company is a full-service trust company and independent ERISA fiduciary specializing in Employee Stock Ownership Plans (ESOPs). Founded in 1989, the company is the longest-standing institutional ESOP fiduciary in the United States, employing the largest team of ESOP experts in the industry. An employee-owned company itself, GreatBanc provides trustee and fiduciary services for clients of all sizes across 48 states, distributing more than one billion dollars to hard-working employees and their families each year. For more than three decades, GreatBanc has been committed to harnessing the life-changing potential of employee ownership.