$7M 80/20 Inc. ESOP ERISA Settlement, Are You Eligible to Receive a Payment? EFT Form Deadline is July 14, 2026

Former participants in the 80/20 Inc. Employee Stock Ownership Plan (ESOP) who received a distribution when the plan terminated may be entitled to a cash payment — without filing a single claim. 80/20 Inc. agreed to pay $7,000,000 to resolve allegations that ESOP fiduciaries violated the Employee Retirement Income Security Act (ERISA). The settlement covers 328 identified class members. The final approval hearing is set for July 14, 2026.

Quick Facts

Field	Detail
Settlement Amount	$7,000,000
Claim Deadline	No claim filing required
Rollover / EFT Form Deadline	July 14, 2026
Who Qualifies	80/20 Inc. ESOP participants at plan termination who received a termination distribution; beneficiaries and alternate payees of those participants
Payout Per Person	Pro rata share of net settlement fund
Proof Required	Not applicable
Settlement Status	Preliminarily Approved
Administrator	Atticus Administration — 1-800-416-6807
Official Website	www.8020erisasettlement.com

Current Status & What Happens Next

• The court has preliminarily approved the $7,000,000 settlement in Walther, et al. v. Wood, et al., Case No. 1:23-cv-00294 (N.D. Ind.). The final fairness hearing is scheduled for July 14, 2026.
• No claim form is required. Atticus Administration will mail checks to the last known address of all eligible class members automatically after final approval.
• Class members who prefer a direct rollover to an IRA or a bank transfer (EFT) must submit the appropriate form by July 14, 2026, or they will receive a paper check by default.

What Is the 80/20 Inc. Lawsuit About?

Don Wood founded 80/20 Inc. in Fort Wayne, Indiana, in 1986. In 2016, he established an ESOP so that 80/20 employees could gradually own the company, and he willed the ESOP the right to buy his shares after his death. Don Wood died in 2019, at which point his shares passed to his estate.

Plaintiffs Martha Walther, Trent Kumfer, and Jayme Lea filed the lawsuit on behalf of 80/20 employees, alleging that ESOP fiduciaries John Wood — former chairman of the board and son of the founder — and Brian Eagle, the ESOP’s independent trustee, violated their ERISA duties. Specifically, the lawsuit alleges that the ESOP’s fiduciaries failed to enforce the ESOP’s contractual right to buy additional shares from the founder’s estate, and caused 80/20 to redeem the ESOP’s shares for less than fair value in a deal that enriched company leadership and outside investors at the expense of ESOP participants.

The complaint further alleges that certain company executives — Defendants Buesching, Mauk, and Strack — received transaction bonuses and equity in the post-acquisition company contingent on the private equity deal closing, effectively positioning them as both seller and buyer and allowing them to use their fiduciary authority to benefit themselves at the ESOP’s expense. The defendants deny all allegations but agreed to settle to avoid the cost and uncertainty of continued litigation.

Related article: Oglethorpe Data Breach Settlement, Are You Eligible for Up to $2,500? Claim Deadline is July 8, 2026

Who Is Eligible to Receive a Payment?

• You may qualify if you were a participant in the 80/20 Inc. ESOP at the time the plan was terminated and you received a termination distribution from the plan.
• You may qualify if you are a beneficiary of an eligible participant — for example, a surviving spouse or dependent named on the account.
• You may qualify if you are an alternate payee of an eligible participant through a Qualified Domestic Relations Order (QDRO).
• You may not qualify if you were never a participant in the 80/20 Inc. ESOP or never received a termination distribution from the plan.

There are 328 identified class members based on official plan records. The settlement administrator will use those records to locate eligible recipients — no action is required on your part to be included.

How Much Can You Receive?

The gross settlement fund totals $7,000,000. Before distribution, the court will deduct the following from that amount:

Deduction	Amount
Attorneys’ Fees	Up to $2,333,333.33
Service Awards (7 class representatives)	Up to $35,000 total ($5,000 each)
Settlement Administration Costs	TBD

The remainder — known as the net settlement fund — goes to eligible class members on a pro rata basis. This means your payment will be proportional to the distribution you received when the plan terminated, compared to what all other class members received. Participants who received a larger termination distribution will receive a correspondingly larger share of the net fund.

The settlement administrator has not yet published individual payout estimates. Exact payment amounts will depend on final court-approved deductions and each member’s proportional share.

How to Receive Your Payment

Because no claim form is required, the process works differently from a typical class action settlement. Follow these steps to make sure you receive the right payment in the right form:

Step 1 — Confirm your mailing address is current. Visit www.8020erisasettlement.com/address-update-login or call Atticus Administration at 1-800-416-6807 to update your address on file.

Step 2 — Decide how you want to receive your payment. You have three options:

• Paper check (default — mailed automatically; subject to tax withholding)
• Direct rollover to a qualified IRA or employer plan (not subject to automatic tax withholding)
• Electronic funds transfer (EFT) directly to your bank account (subject to tax withholding)

Step 3 — If you want a rollover or EFT, submit the appropriate form at www.8020erisasettlement.com/rollover-form-login or www.8020erisasettlement.com/electronic-funds-transfer-form-login by July 14, 2026. Missing this deadline means you will receive a paper check instead.

Step 4 — Wait for the court to grant final approval at the July 14, 2026 fairness hearing.

Step 5 — Receive your payment after the court resolves any appeals and issues final approval.

Step 6 — Keep a copy of any form confirmation you receive from the administrator for your records.

Estimated time to complete rollover or EFT form: 5–10 minutes.

Important Deadlines & Dates

Milestone	Date
Lawsuit Filed	July 14, 2023
Claims Period Opens	TBD (no claim filing required)
Rollover / EFT Form Deadline	July 14, 2026
Opt-Out Deadline	TBD
Objection Deadline	TBD
Final Approval (Fairness) Hearing	July 14, 2026
Expected Payment Date	After final approval and resolution of any appeals

Frequently Asked Questions

Do I need a lawyer to receive my payment? 

No. This settlement does not require you to hire or contact an attorney. Atticus Administration will automatically mail a check to eligible class members using plan records. You only need to act if you want a rollover or EFT payment instead of a paper check.

Is this settlement legitimate?

 Yes. The settlement is pending in the U.S. District Court for the Northern District of Indiana under Case No. 1:23-cv-00294. The official settlement administrator is Atticus Administration, reachable at 1-800-416-6807 or [email protected]. Always verify information at the official site: www.8020erisasettlement.com.

When will I receive my payment? 

The settlement administrator will issue payments after the court grants final approval at the July 14, 2026 hearing and after it resolves any appeals. There is no confirmed payment date yet. Payments that require no appeals may arrive within weeks of final approval.

What if I missed the claim deadline?

 There is no claim filing deadline for this settlement. If you are an eligible class member, you appear in the plan records already. The July 14, 2026 deadline applies only to class members who want a rollover to an IRA or a bank EFT instead of a paper check.

Will this settlement payment affect my taxes?

 It depends on how you receive your payment. Paper checks and EFT payments are subject to automatic tax withholding and IRS reporting. Rollover payments to a qualified IRA or employer plan are not subject to automatic withholding. Consult a tax professional about your specific situation before choosing a payout method.

What is an ESOP, and why does it matter here? 

An ESOP — Employee Stock Ownership Plan — is a retirement benefit that gives employees an ownership stake in the company they work for. ERISA is the federal law that governs retirement plans and sets fiduciary standards for those who manage them. This lawsuit alleged that 80/20’s ESOP fiduciaries violated those standards and reduced the retirement benefits employees earned.

What is a pro rata payment?

 A pro rata payment means the settlement fund divides proportionally among all class members based on each person’s share of the total termination distributions. If you received a larger payout when the ESOP ended, your settlement payment will be larger relative to other class members.

Can I object to the settlement or opt out?

 You may have the right to object or opt out before the final approval hearing on July 14, 2026. The official deadlines for objections and opt-outs are listed in the class notice available at www.8020erisasettlement.com/settlement-documents. Contact the settlement administrator or class counsel for guidance.

Sources & References

1. Official Settlement Website: www.8020erisasettlement.com

Last Updated: April 16, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.