On April 30, 2019, the Court granted Defendant Bankers Trust Company of South Dakota’s (Bankers Trust) motion for summary judgment filed in Innis ex rel. Telligen, Inc. Employee Stock Ownership Plan v. Bankers Trust Company of South Dakota, a Southern District of Iowa case that relates to the Telligen, Inc. ESOP’s (the “Telligen ESOP”) December 31, 2013 purchase of 100% of the outstanding shares of Telligen, Inc., an Iowa health management company, for $37.5 million.1 The Court stated that Ms. Innis signed a severance agreement upon her termination from Telligen, Inc. in July 2014 and that the agreement “released Innis’s claims against Bankers Trust.” As such, Ms. Innis “may not pursue these claims,” including those purportedly brought on behalf of the Telligen ESOP. The case is closed.
Takeaways
- Innis could not pursue claims against Bankers Trust, the Telligen ESOP’s trustee, because in July 2014, she signed a severance agreement releasing those claims.
1 Order Granting Defendant’s Motion for Summary Judgment, Innis ex rel. Telligen, Inc. Employee Stock Ownership Plan v. Bankers Trust Company of South Dakota, No. 4:16-cv-00650 (S.D. Iowa Apr. 30, 2019), ECF No. 139.
