Published
September 27, 2026
Participants who held vested stock in the BNBuilders Employee Stock Ownership Plan at any time from December 23, 2021 through December 31, 2025, and their beneficiaries, are covered by a $5 million BNBuilders ESOP class action settlement that pays automatically, with no claim form to file. The court has granted preliminary approval, and the fairness hearing is set for December 16, 2026.
Current Status
There is no claim form: class members are identified from the ESOP's records and paid automatically if the settlement is approved. Judge John H. Chun of the U.S. District Court for the Western District of Washington granted preliminary approval on September 2, 2026 and has scheduled the fairness hearing for December 16, 2026 at 9:00 a.m. in Seattle. Objections and optional direct rollover requests are due November 25, 2026. No payments have been issued and no payment date has been announced. If you were in the ESOP, watch your mail for the class notice and keep your address current with the plan.Free settlement alerts
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Status
Pending — Automatic Payment
Preliminary approval September 2, 2026 · fairness hearing December 16, 2026
Key Deadline
November 25, 2026
Objections and optional direct rollover requests · no claim deadline
Estimated Payout
Share of $5M
Allocated under the court-approved plan of allocation · no per-person estimate published
Proof Required
Automatic Payment
No claim form · class identified from ESOP recordkeeper data
What Changed Recently?
BNBuilders, Inc., a Seattle-based commercial general contractor, and the other defendants agreed to settle an ERISA class action over the December 23, 2021 sale of the company to its newly created employee stock ownership plan. According to the complaint, the ESOP bought 100% of BNBuilders' stock for $206,508,990, or $29.13 a share, financed entirely with debt repayable over 40 years, and the plan's own filings later valued the shares at $3.20 at the end of 2021 and $10.30 at the end of 2023.The plaintiff, a former employee and ESOP participant, alleges that the plan overpaid for the stock. The complaint claims the valuation did not adequately discount for the sellers keeping control of the company's board, for rising interest rates and inflation, for the debt load, or for the stock's lack of marketability, and that the plan's trustee, GreatBanc Trust Company, and the company's board breached their duties under ERISA in approving and monitoring the deal. The defendants — BNBuilders, its board and several directors and executives who sold shares, and GreatBanc — have not admitted wrongdoing, and the court's order states that it makes no determination on the merits.
The case was filed in September 2025. After a stay for mediation, the parties reported a settlement on August 10, 2026, signed the settlement agreement on August 31, and the court granted preliminary approval on September 2.
Who Qualifies?
The settlement class is all participants in the BNBuilders Employee Stock Ownership Plan who held vested stock in their ESOP accounts at any time from December 23, 2021 through December 31, 2025, and those participants' beneficiaries. You do not need to still work for BNBuilders.Excluded are the defendants and their immediate family members, any current or former fiduciary of the plan, current and former officers and directors of BNBuilders or of any entity a defendant controls, and the legal representatives, successors and assigns of anyone excluded. The ESOP had about 508 participants at the end of 2023, according to the complaint.
How Much Can You Get?
The settlement is $5 million. After the court decides on attorneys' fees and expenses, a service award for the class representative and administration costs, the net fund is divided among class members under a plan of allocation the court preliminarily approved. The allocation formula and any per-person estimate will be in the class notice; OpenClassActions.com has not seen a published estimate, so the page does not guess at one. Class counsel's fee request is due 42 days before the hearing.An independent fiduciary will also review the settlement on the plan's behalf, with a written determination due 35 days before the fairness hearing.
Is Any Proof or Form Required?
No. There is no claim form, and nothing needs to be documented. The class notice goes by first-class mail to addresses in the ESOP recordkeeper's data. The only optional form is the direct rollover request described below.What Are the Deadlines?
Direct rollover request — November 25, 2026. A class member who wants their share deposited into a qualified retirement account, rather than paid directly, can submit a rollover form online at the settlement website or by mail, postmarked by that date. The court's order says the purpose is to avoid the withholding of taxes; questions about how a rollover affects you are for a tax professional.Objections — November 25, 2026. Objections must be filed in writing with the Clerk of Court for the Western District of Washington, with a copy to the settlement administrator, by 21 days before the hearing. The order lists what an objection must include: the case name and number, your contact information, the full basis for objecting, whether you intend to appear, whether the objection applies to you alone or to a group, and supporting documents. The order does not provide an opt-out procedure.
How Do You Take Action?
For most class members there is nothing to do but make sure the ESOP has a current mailing address. The class notice, the operative complaint and the rollover form are to be posted on a settlement website run by the settlement administrator; the administrator is not named in the public order, and OpenClassActions.com had not located the website's address as of publication and will add it here when it is public.What Happens Next?
The notice mailing was due within 14 days after the class data was delivered on September 14, 2026. The motion for final approval is due 14 days before the hearing. Judge Chun will hold the fairness hearing on December 16, 2026 at 9:00 a.m. at the federal courthouse in Seattle and decide whether to approve the settlement and what fees and awards to allow. Payment timing depends on approval and on whether anyone appeals; no payment date has been announced.Sources and Verification
- Court docket — Schlueter v. BNBuilders Inc., No. 2:25-cv-01713 (W.D. Wash.)
- Order Granting Preliminary Approval of Settlement, September 2, 2026 (Dkt. 63)
- Amended Class Action Complaint, November 12, 2025 (Dkt. 16)
- Order Granting the Parties' Request for Stay after notice of settlement, August 11, 2026 (Dkt. 57)
OpenClassActions.com is a consumer news site and is not the settlement administrator or a law firm.
Questions
Do I need to file a claim in the BNBuilders ESOP settlement?
No claim form is described in the court's preliminary approval order. Class members are identified from the ESOP recordkeeper's data and notified by U.S. mail, and payments are allocated under the court-approved plan of allocation. The one optional form is a direct rollover request for people who want their payment sent to a retirement account.
Can I opt out of the BNBuilders ESOP settlement?
The preliminary approval order provides a way to object but no procedure for excluding yourself, which is typical of ERISA plan settlements certified on a mandatory basis. Class members who disagree with the terms can file a written objection with the court by November 25, 2026.
Why would I choose a direct rollover?
The court order says a class member can have their share deposited directly into a qualified retirement account to avoid the withholding of taxes, by submitting a rollover form online or by mail by November 25, 2026. Anyone unsure whether a rollover suits them should ask a tax professional.
I left BNBuilders. Am I still in the class?
The class is defined by holding vested stock in an ESOP account at any point from December 23, 2021 through December 31, 2025, not by current employment. Former employees who met that test are included, as are the beneficiaries of those participants.
For more class actions keep scrolling below.
Settlement Amount
$5,000,000
Case Title
Schlueter v. BNBuilders, Inc., et al.
Case Number
2:25-cv-01713-JHC
Court
U.S. District Court, Western District of Washington
Final Approval Hearing
December 16, 2026 at 9:00 a.m.
Judge John H. Chun · Seattle
