Frequently Asked Questions

  1. WHAT IS THIS CASE ABOUT?
  2. AM I A PART OF THE CLASS?
  3. HAS THE SETTLEMENT BEEN APPROVED?
  4. WHAT ARE MY OPTIONS WITH REGARD TO THE HEARING ON WHETHER TO APPROVE THE SETTLEMENT AGREEMENT?
  5. WHAT AMOUNT DID THE PARTIES SETTLE FOR?
  6. HOW WILL THE SETTLEMENT FUND BE ALLOCATED?
  7. WHAT AM I GIVING UP BY BEING A PART OF THIS SETTLEMENT?
  8. WHOM SHOULD I CONTACT IF I WANT TO CONFIRM I AM A PART OF THE CLASS OR WISH TO UPDATE MY CONTACT INFORMATION?
  1. WHAT IS THIS CASE ABOUT?

    A lawsuit was filed in the United State District Court for the District of Utah by Plaintiff Kelly Jessop (“Plaintiffs”), who was a participant in the ESOP, against BTC and Dallin Larsen, Randy Larsen, and Henry Marsh (the “Individual Defendants” collectively with BTC as “Defendants”) (the “Lawsuit”). The Lawsuit claims that the Defendants violated a federal statute, the Employee Retirement Income Security Act of 1974 (“ERISA”) and breached their fiduciary duties in connection with the purchase of outstanding stock of Mona Vie, Inc. (“Mona Vie”) by the ESOP on or about November 17, 2010 (“the 2010 Transaction”) for $186 Million. Specifically, Plaintiff alleges that BTC violated ERISA, because BTC: (1) caused or permitted the Mona Vie ESOP to engage in the transaction without undertaking an appropriate investigation of the 2010 Transaction as proposed; (2) was aware of facts or should have known facts evidencing that the 2010 Transaction was imprudent and not in the best interest of the ESOP’s participants and beneficiaries; (3) caused or permitted the ESOP to take on excessive debt in the transaction; (4) engaged in the 2010 Transaction without regarding the conflicts of interested parties who assisted it in the 2010 Transaction; and (5) did nothing to cure the overpayment by the ESOP for its shares. Plaintiff also alleges that the Individual Defendants violated their fiduciary duties under ERISA by participating in the 2010 Transaction and not taking prudent steps in the selection of BTC as trustee for the ESOP. Plaintiff also alleges that the Individual Defendants are parties-in-interest under ERISA who knowingly participated in the breaches of fiduciary duty committed by BTC. The United States Department of Labor (“DOL”) has also investigated the 2010 Transaction. BTC and the Individual Defendants deny all of the Plaintiffs’ allegations in the Lawsuit, deny any wrongdoing regarding the 2010 Transaction, and have vigorously defended themselves in the Lawsuit and against the DOL.

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  2. AM I A PART OF THE CLASS?

    The Settlement Agreement proposes a class action settlement that would cover and be binding on a Class definition of all individuals who were participants in the Mona Vie, Inc. Employee Stock Ownership Plan at any time on or after November 17, 2010, to the date of judgment and their beneficiaries, but excluding the individual defendants, Dallin Larsen, Henry Marsh and Randy Larsen and any beneficiary claiming directly through them. 

    Whether a person meets this definition or not will be based on the ESOP’s records.

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  3. HAS THE SETTLEMENT BEEN APPROVED?

    The Court has granted preliminary approval of the proposed Settlement finding that it is sufficiently reasonable to warrant approval, and has approved the Notice of Proposed Class Action Settlement to the Settlement Classes. The Settlement will not take effect, however, until it receives final approval from the Court following an opportunity for Class Members to object to the Settlement. Following the deadline for objecting to the Settlement, the Court will hold a Fairness Hearing on April 11, 2017, which will take place at the United States District Court for the District of Utah, located at 351 South West Temple, Salt Lake City, Utah 84101.

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  4. WHAT ARE MY OPTIONS WITH REGARD TO THE HEARING ON WHETHER TO APPROVE THE SETTLEMENT AGREEMENT?

    Prior to the Fairness Hearing, Class Members will have the opportunity to object to the Court’s approval of the Settlement. Class Members can object to the Settlement and give reasons why they think the Court should not approve it. Please refer to page 3 from the Notice, which can be downloaded from the Case Documents tab above, for detailed information on how to object to the Settlement.

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  5. WHAT AMOUNT DID THE PARTIES SETTLE FOR?

    BTC has agreed to make a payment of $16 million and the Individual Defendants have agreed to make a payment of $3.8 million, for a total of $19.8 million (the “Settlement Fund”) for the benefit of the Class

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  6. HOW WILL THE SETTLEMENT FUND BE ALLOCATED?

    After the deduction of reasonable amounts to be approved by the Court for Case Contribution Awards to the named Plaintiff and Attorneys’ Fees and Expenses, Successor Trustee Fees, Administration Costs, and Taxes and Tax-Related Costs (after such deductions, the “Net Settlement Proceeds”), will be paid to the ESOP and then will be distributed to the Monetary Relief Class Members based on their ESOP shares during the period of November 10, 2010 through the date of the ESOP’s termination on December 31, 2014.

    The Court appointed an Independent Fiduciary to administer and determine distributions from the ESOP to Class Members. The Independent Fiduciary will mail a second notice to Class Members estimating the amount of each Class Member’s distribution, explaining how to receive the distribution, and explaining how to provide documents to support a claim that the estimated distribution is not correct. Class Members will have the option to have their funds deposited in a tax-qualified account (an Individual Retirement Account (“IRA”)). Class Members will be able to submit documentation to the Independent Fiduciary in accordance with the ESOP’s Article 16. Claims Procedure if the Class Member believes the data upon which his or her distribution from the ESOP is based is incorrect. 

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  7. WHAT AM I GIVING UP BY BEING A PART OF THIS SETTLEMENT?

    In exchange for payment of the Settlement Fund by the Defendants and the conditions required by the Settlement Agreement, all Class Members will release any claims they have related to this Lawsuit and be prohibited from bringing or pursuing any other lawsuits or other actions based on such claims. The Releases and the Covenant are set forth in the Settlement Agreement, which can be downloaded from the Case Documents tab above.

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  8. WHOM SHOULD I CONTACT IF I WANT TO CONFIRM I AM A PART OF THE CLASS OR WISH TO UPDATE MY CONTACT INFORMATION?

    Whether a person meets the definition of the Class or not is based on the ESOP’s records. To confirm that you were included in the records, contact the Settlement Administrator by phone at (844) 319-2163 or via email at info@MonaVieESOPSettlement.com. 

    Please do not call the Court or Mona Vie. They cannot answer your questions.

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