A Settlement has been reached in a class action lawsuit concerning the Flat Rock Metal and Bar Processing Employee Stock Ownership Plan (the “Plan”). The class action lawsuit involves whether the Plan overpaid for SAC Ventures, Inc. (“SAC”) stock in the November 24, 2020, stock transaction in violation of the Employee Retirement Income Security Act of 1974 (“ERISA”). ERISA is the federal law that regulates and sets minimum standards for the administration of most retirement plans in the private sector, including the Plan.
The defendants in the class action are Marianna F. Heeter, Administrator of the Estate Richard A. Heeter, Capital Trustees, LLC, Peter F. Shields, Paul J. Lanzon II, Peter F. Shields Revocable Living Trust Dated August 12, 1983, as amended, and Paul J. Lanzon II Declaration of Trust Dated March 31, 1999. Defendants deny all claims, and nothing in the Settlement is an admission or concession on Defendants’ part of any fault or liability whatsoever.
The Settlement will provide, among other things, for a $1,800,000.00 Qualified Settlement Fund that will be allocated to eligible Settlement Class Members after any Court-approved deductions for attorneys’ fees and costs, Service Award, administrative expenses, taxes, and Independent Fiduciary fees and expenses.
The terms and conditions of the Settlement are set forth in the Settlement Agreement dated July 31, 2025. Capitalized terms used in this website but not defined in this website have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement is available on the Important Documents page. Certain other documents also will be posted on the Important Documents page. You should visit the FAQ page if you would like more information about the Settlement or the lawsuit. All papers filed in this lawsuit are also available for review via the Public Access to Court Electronic Records System (PACER), at http://www.pacer.gov.
The Settlement Class (whose members are “Settlement Class Members”) includes: “All participants in the Plan and the beneficiaries of such participants as of the date of the November 24, 2020, ESOP Transaction (“ESOP Transaction”) or any time thereafter, whether or not such participants or beneficiaries were vested.” Excluded from the Settlement Class are the Defendants.
Your rights and the choices available to you—and the applicable deadlines to act—are explained in the Notice and this website. Please note that neither SAC nor any current or former employees, attorneys, or representatives of SAC may advise you as to what the best choice is for you or how you should proceed.
The Court still has to decide whether to give its final approval to the Settlement. Payments under the Settlement will be made only if the Court finally approves the Settlement in this Class Action and that final approval is upheld in the event of any appeal.
A Fairness Hearing will take place on April 20, 2026, at 1:00 p.m. Eastern Time, before the Honorable Mark A. Goldsmith, United States District Court for the Eastern District of Michigan, Theodore Levin U.S. Courthouse, 231 W. Lafayette Blvd., Detroit, MI 48226, in Courtroom 853, to determine whether to grant final approval of the Settlement and approve the requested attorneys’ fees and costs, the requested Service Award to the Named Plaintiff, and administrative expenses. If the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on the Important Dates page.
Any objections to the Settlement, or to the requested attorneys’ fees and costs, Service Award, and/or administrative expenses, must be filed with the Clerk of Court and submitted to the Settlement Administrator, as identified in Question 11.
Your Legal Rights and Options Under the Settlement | |
Class Members with an Active ESOP Account | If you received notice and you have an active ESOP account, you will receive your Settlement payment in your ESOP account. |
Class Member without an Active ESOP Account and are NOT in Pay Status, submit a Payment Election Form (No later than March 30, 2026) | If you received notice, you do not have an active ESOP account, and you ARE NOT in pay status from your ESOP account, you need to complete a Settlement Payment Election Form, enclosed with your Notice, or available here, to receive your allocable portion by check or as a deposit into an individual retirement account or other eligible retirement plan. You must make an election by returning the election form by March 30, 2026. If you do not make an election and the amount owed to you is:
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Class Member without an Active ESOP Account and ARE in Pay Status | If you received notice, you do not have an active ESOP account, and you ARE in pay status, your allocable portion of the Settlement will be paid pursuant to the election the plan recordkeeper has on file. |
You can Object | If you wish to object to any part of the Settlement, or to the requested attorneys’ fees and costs, Service Award, and/or administrative expenses, you must file and postmark your objection and any supporting documents with the Clerk of the Court, and mail copies to the Settlement Administrator (as identified in Question 11), at least 21 days before the Fairness Hearing. Please note that you will not be permitted to make an objection to the Settlement if you do not comply with the requirements for making objections. |
You Can Attend a Hearing on April 20, 2026 | You may also attend the Fairness Hearing and speak at the Fairness Hearing on April 20, 2026. If you wish to attend the hearing and speak at the hearing, you must file an objection as described immediately above and identify in the objection that you intend to appear at the Fairness Hearing. |
Upcoming Important Dates
Objection Deadline
3/30/2026
Election Form Deadline
3/30/2026
Final Approval Hearing
4/20/2026 at 1:00 p.m.