Aegis Trust Sued Over $160 Million ARCO National Stock Plan Deal

A former employee of an ARCO National Holdings Inc. unit filed a proposed class action saying she and others overpaid for stock in the Missouri-based construction company in a transaction overseen by Aegis Trust Co.

The lawsuit takes aim at a 2019 transaction in which ARCO National’s newly-established employee stock ownership plan purchased shares of the company from executives for more than $160 million. Plaintiff Heidi Ralston says this was a bad deal for workers, because they paid an inflated purchase price based on unreasonably optimistic financial projections and because they didn’t obtain control of the company despite ARCO National’s ...