BNBuilders $5,000,000 ESOP Settlement, Check If You Qualify — Schlueter v. BNBuilders, No. 2:25-cv-01713-JHC

There’s a $5 million fund set aside for people who held vested stock in the BNBuilders, Inc. Employee Stock Ownership Plan — and you don’t have to file anything to get your share. If you had vested ESOP shares any time between December 23, 2021 and December 31, 2025, a check is coming to you automatically once the settlement is approved. If you’d rather roll that money into a retirement account instead, you have until November 25, 2026, to say so.

Who Is BNBuilders and Why Is Its ESOP Being Sued?

BNBuilders, Inc. is a Seattle-based general contractor founded in 2000, specializing in complex commercial construction for life science, healthcare, education, and tech clients, with more than 1,000 employees across the West Coast. On December 23, 2021, the company’s owners, led by Brad Bastian, sold 100% of BNBuilders to its own employees through the ESOP — for $206,508,990. That transaction is exactly why this case exists: an ESOP-owned company selling itself to its own workers’ retirement plan is precisely the kind of deal ERISA scrutinizes closely, because the people setting the price and the people paying it aren’t on equal footing.

What Did BNBuilders’ Owners and the ESOP Trustee Do to Plan Participants?

The lawsuit, filed in September 2025 in the Western District of Washington, alleges that the sale price was inflated and that BNBuilders’ owners breached their fiduciary duties to the ESOP by pushing the deal through. According to the plaintiff’s allegations, GreatBanc Trust Company — the trustee hired by the sellers to oversee the transaction — approved the $206.5 million price without giving employee-participants any real chance to review, negotiate, or weigh in before it closed. The plaintiff says he learned about the transaction only after it was already done.

Here’s the part that made the debt structure matter so much: the ESOP didn’t have anywhere near $206.5 million to pay for the company. Instead, it borrowed the full purchase price from the sellers themselves through seller notes, on a 40-year term. That debt then landed on BNBuilders’ own books, diverting cash flow toward decades of loan payments — cash that could otherwise have funded the business or built up the ESOP’s value for the very employees who now owned it.

BNBuilders and the other defendants deny any wrongdoing and argue the sale reflected fair market value. No court has ruled on the merits. Both sides agreed to settle rather than risk a trial where the class could end up with nothing.

Read more: The Flat Rock Metal ESOP settlement followed the same basic shape — a company sold to its own employee stock plan at what plaintiffs called an inflated price, resolved through an ERISA class action with automatic payments. A similar fiduciary-duty theory is also playing out in the Capital One 401(k) forfeiture settlement, though the underlying mechanics differ.

BNBuilders ESOP Settlement — Key Facts

Settlement Amount	$5,000,000
Claim Deadline	No claim form needed — payment is automatic. Rollover election deadline (if you want your payment sent to a retirement account instead of by check): November 25, 2026
Who Qualifies	ESOP participants who held vested stock on or between December 23, 2021 and December 31, 2025, and their beneficiaries
Estimated Payout	Pro rata share of the net settlement fund, based on your vested shares relative to all class members’ — no fixed per-person amount
Proof Required (Yes/No)	No — payment is automatic for all eligible Class Members
Settlement Status	Preliminarily approved; Final Approval Hearing set for December 16, 2026
Court & Case Number	U.S. District Court for the Western District of Washington, No. 2:25-cv-01713-JHC, before Judge John H. Chun
Law Alleged	ERISA (Employee Retirement Income Security Act) — breach of fiduciary duty in connection with the ESOP’s purchase of BNBuilders stock
Administrator	Atticus Administration
Official Claim Site	www.BNBuildersESOPsettlement.com
Last Updated	September 22, 2026

Who Qualifies for the BNBuilders ESOP Settlement?

Here’s exactly how to know if this case includes you.

• Anyone who was a vested participant in the BNBuilders ESOP at any point between December 23, 2021 and December 31, 2025
• Beneficiaries of a participant who held vested stock during that window
• Current and former BNBuilders employees who built up ESOP shares before, during, or after the 2021 transaction

You do not qualify if you’re a defendant in the case, an immediate family member of a defendant, a Plan fiduciary, or an officer or director of BNBuilders or a company a defendant controls.

BNBuilders ESOP Participants Outside Washington State — Are You Still Covered?

Yes. This settlement isn’t limited by geography — it covers every eligible ESOP participant and beneficiary nationwide, regardless of which BNBuilders office or job site you worked from. What matters is your vested status in the Plan during the class period, not where you live now.

Not sure if you qualify for the BNBuilders ESOP settlement? A free consultation with an ERISA attorney can help you understand your rights before the November 25, 2026 deadline to object or elect a rollover.

How Much Can BNBuilders ESOP Settlement Class Members Get?

There’s no flat number here — it’s a pro rata settlement. Your share depends on how many vested shares you held relative to everyone else in the class, out of a $5 million fund.

Before anything reaches participants, the fund covers attorneys’ fees (up to one-quarter of $5 million), litigation expenses (up to $600,000), a $15,000 service award to the class representative, settlement administration costs, and fees for the Independent Fiduciary the court required to review the deal on the ESOP’s behalf. What’s left gets divided among class members based on vested shares.

If you don’t act, you’ll get a check mailed to your address on file. If you’d rather roll the payment into a qualified retirement account tax-free, you need to submit the Rollover Form online or by mail, postmarked by November 25, 2026.

Here’s the number worth sitting with: this is a mandatory, non-opt-out settlement. You can’t choose to walk away and sue on your own — so whether the $5 million figure feels adequate is worth raising now, through an objection, rather than after the case is closed for good.

What You Need to Do for the BNBuilders ESOP Settlement

1. Do nothing if a mailed check is fine with you — the settlement pays you automatically if approved.
2. Go to www.BNBuildersESOPsettlement.com if you want a rollover instead, and log in to complete the Rollover Form.
3. Make sure the Settlement Administrator has your current address — your check goes wherever they have on file, and updating it is your responsibility.
4. Submit the Rollover Form online or by mail, postmarked by November 25, 2026, if you choose that option.
5. Watch the settlement website for updates on whether the Court grants final approval at the December 16, 2026 hearing.
6. Contact Atticus Administration at 1-800-212-8850 with any questions about your status or payment.

Takes about 10 minutes if you’re filing the Rollover Form; no action at all if you’re fine with a check.

Should BNBuilders Class Members Opt Out or Object Before November 25?

What Opting Out of the BNBuilders Settlement Actually Means

There’s no opt-out here. This settlement was preliminarily approved as a mandatory, non-opt-out class action, so every eligible participant is bound by it and will receive their pro rata share — there’s no option to exclude yourself and preserve a separate lawsuit.

How to Object to the BNBuilders Settlement

You can still tell the court you disagree, with or without a lawyer. Objections must be filed with the court and sent to the Settlement Administrator by November 25, 2026, and must include the case name and number, your contact information, your reasons for objecting, whether you plan to attend the Fairness Hearing, and whether the objection applies to just you or the whole class.

Talk to an ERISA attorney before November 25, 2026, if you’re considering filing an objection, including to the requested attorneys’ fees.

BNBuilders ESOP Settlement — Key Dates, 2025–2026

Milestone	Date
ESOP purchase of BNBuilders stock (start of class period)	December 23, 2021
Lawsuit filed	September 2025
Settlement Proposed	UNVERIFIED — preliminary approval date not confirmed from a named primary source
Attorneys’ fee motion documents posted	On or before November 11, 2026
Rollover Election / Objection Deadline	November 25, 2026
Final Approval Hearing	December 16, 2026, 9:00 a.m. Pacific
Expected Payment Date	UNVERIFIED — payments go out “shortly after” final approval if no appeal is filed; the administrator says an appeal could take more than a year

BNBuilders ESOP Settlement — Frequently Asked Questions, No. 2:25-cv-01713-JHC

Do I need a lawyer to get my BNBuilders ESOP settlement payment?

 No. Payment is automatic for all eligible Class Members — there’s no claim form to file. You’d only need a lawyer if you’re considering filing an objection.

Is the BNBuilders ESOP settlement legitimate?

 Yes. It’s part of Schlueter v. BNBuilders, Inc., et al., No. 2:25-cv-01713-JHC, pending before Judge John H. Chun in the U.S. District Court for the Western District of Washington, and the notice was authorized by that federal court.

When will BNBuilders settlement payments be sent?

 Shortly after the Court grants final approval at the December 16, 2026 hearing, assuming no one appeals. Appeals can take more than a year to resolve if filed.

What if I missed a step in the BNBuilders settlement process?

 There’s nothing to miss for your basic payment — it’s automatic. The only deadline that requires action is November 25, 2026, and only if you want a rollover instead of a check, or if you want to object.

Will my BNBuilders settlement payment go on a 1099?

 Possibly, depending on whether you take a check or a rollover. Rollovers to a qualified retirement account may avoid immediate taxation; a check may not. Check with a tax professional about your specific situation.

Can I opt out of the BNBuilders ESOP settlement and sue on my own? 

No. This is a mandatory, non-opt-out class action. You’ll be bound by the settlement’s outcome whether or not you take any action.

What specific law does BNBuilders allegedly violate?

 ERISA — the Employee Retirement Income Security Act — specifically its fiduciary duty rules governing how a company and a plan trustee must handle a sale of stock to an ESOP.

How much could BNBuilders ESOP participants get if this settles?

 It depends on your vested shares relative to the rest of the class, out of the $5 million fund after fees and costs. There’s no single dollar figure that applies to everyone.

Sources Used in This BNBuilders ESOP Settlement Article

• Official Settlement Website — Schlueter v. BNBuilders: https://www.bnbuildersesopsettlement.com/
• Official Settlement FAQ Page: https://www.bnbuildersesopsettlement.com/faqs-2/
• Class Action Settlement Notice (court-authorized), hosted by the Settlement Administrator: https://www.bnbuildersesopsettlement.com/wp-content/uploads/2017/11/BNBuilders-Class-Notice_WEB-VERSION.pdf
• Official Law Firm Case Summary — Cohen Milstein Sellers & Toll, PLLC, Class Counsel, “BNBuilders ESOP Litigation”: https://www.cohenmilstein.com/case-study/bnbuilders-esop-litigation/

Researched and written by Israr Ahmad, legal content researcher and founder of AllAboutLawyer.com. All facts verified against the official settlement website and FAQ page, the court-authorized Class Notice, and Class Counsel Cohen Milstein’s official case summary, on September 22, 2026. Last Updated: September 22, 2026.

Disclaimer This article is for informational purposes only and does not constitute legal advice. Laws vary by state and individual circumstances differ. For advice about your specific situation, consult a qualified attorney.