Frequently Asked Questions

1. Why did I receive the Settlement Notice?

The Court caused the Notice to be sent to you because the Settlement Administrator’s records indicate that you may be a Settlement Class Member. If you fall within the definition of the Settlement Class, you have a right to know about the Settlement and about all of the options available to you before the Court decides whether to give its final approval to the Settlement. If the Court approves the Settlement, and after any objections and appeals are resolved, the Net Settlement Amount will be allocated among Settlement Class Members according to a Court-approved Plan of Allocation.

2. What is the Class Action about?

In the Class Action, the Class Representatives allege that certain Defendants breached their fiduciary duties under ERISA in connection with transactions involving The North Highland Company Employee Stock Ownership Plan (the “Plan”), including allegations that the Plan’s stock in North Highland ESOP Holdings, Inc. was improperly diluted during, and for a period of time following, an October 2016 recapitalization. Defendants deny all claims and assert that they have at all times acted prudently and in the best interests of the Plan’s participants and beneficiaries.

3. Why is there a settlement?

The Court has not reached a final decision as to the Class Representatives’ claims. Instead, the Class Representatives and Defendants have agreed to the Settlement. The Settlement is the product of extensive negotiations between the Class Representatives, Defendants, and their respective counsel. These negotiations were facilitated by an experienced mediator. The parties to the Settlement have taken into account the uncertainty, risks, and costs of litigation and have concluded that it is desirable to settle on the terms and conditions set forth in the Settlement Agreement. The Class Representatives and Class Counsel believe that the Settlement is best for the Settlement Class. Nothing in the Settlement Agreement is an admission or concession on Defendants’ part of any fault or liability whatsoever. They have entered into the Settlement Agreement to avoid the uncertainty, expense, and burden of additional litigation.

4. What does the Settlement provide?

Under the Settlement, Defendants will cause $2,375,000.00 to be paid into a Qualified Settlement Fund to resolve the claims of the Settlement Class. After deductions for Court-approved Attorneys’ Fees and Costs and Administrative Expenses, the Net Settlement Amount will be allocated among Settlement Class Members according to a Plan of Allocation to be approved by the Court (see FAQ 5). Settlement Class Members who are entitled to a distribution will receive their Settlement payment either as a direct rollover to a qualified retirement account or in the form of a check.

All Settlement Class Members and anyone claiming through them will fully release the Defendants and the Released Parties from certain Released Claims, as defined in the Settlement Agreement. The Released Parties include each Defendant and certain related parties as outlined in the Settlement Agreement. The Released Claims include any claims against any of the Released Parties with respect to the Plan that were asserted in the Class Action against Defendants, or which could have been asserted against Defendants in connection with the Plan.

This website and the Notice are only a summary of the Released Claims and is not a binding description. The governing releases are found within Article 3 of the Settlement Agreement.

5. How much will my Distribution be?

The amount, if any, that will be allocated to Settlement Class Members will be based upon records provided by the Plan’s recordkeeper. Calculations regarding individual distributions will be performed by the Settlement Administrator, whose determinations will be final and binding, pursuant to the Court- approved Plan of Allocation.

To receive a distribution from the Net Settlement Amount, you must be a “Settlement Class Member”.

There are TBD Settlement Class Members, according to a preliminary review of Plan records. The Plan of Allocation will allocate the Net Settlement Amount on a pro rata basis, taking into account the number of shares or vested balances each Settlement Class Member held during the relevant Class Period. A more complete description regarding the details of the Plan of Allocation can be found in Exhibit E to the Settlement Agreement.

6. How can I receive my Distribution?

A sample Rollover Form was enclosed with the Notice and explains the steps necessary to receive your share of the Settlement via direct rollover to an individual retirement account or qualified employer plan. Rollover Forms should be submitted prior to November 5, 2026. Settlement payments distributed via direct rollover will not be subject to automatic withholdings. You may submit your Rollover Form online here.

All other Settlement payments will be mailed in the form of a check. You do not need to do anything to receive a check. However, because checks will be sent by mail, it is important to notify the Settlement Administrator of any changes to your mailing address by either updating your address online here or calling (833) 421-7346. You may also notify Class Counsel of any changes to your mailing address.

Payments made directly to Class Members by check are subject to automatic tax withholding and tax reporting, as determined by the Settlement Administrator. Any tax withheld by the Settlement Administrator may not constitute all tax that you may owe in connection with your Settlement payment. You will be responsible for determining and paying any tax that is due but was not automatically withheld in connection with your Settlement payment.

If you submit a Rollover Form but your requested rollover is not effectuated for any reason (for example, because your Rollover Form was submitted too late, the information that you provided was not sufficient, or the financial institution that you designated did not accept the rollover), the Settlement Administrator will attempt to mail you a check. Such checks will be subject to automatic tax withholding and reporting, as determined by the Settlement Administrator, and all other terms of the Settlement Agreement that apply to payments by check.

7. When will I receive my Distribution?

The timing of the distribution of the Net Settlement Amount is conditioned on several matters, including the Court’s final approval of the Settlement in this Action and any approvals becoming final and no longer subject to any appeals in any court. An appeal of the final approval orders may take several years. If the Settlement is approved by the Court and there are no appeals, the Settlement distribution likely will occur within approximately four months of the Court’s Final Approval Order in this Action, unless there are unforeseen circumstances. There will be no payments under the Settlement if the Settlement Agreement is terminated.

8. Can I exclude myself from the Settlement?

No. The Class has been certified for Settlement purposes under Federal Rule of Civil Procedure 23(b)(1). Therefore, as a Settlement Class Member, you are bound by the Settlement (if it receives final Court approval) and any judgments or orders that are entered in the Class Action. If you wish to object to any part of the Settlement, you may file an objection with the Clerk of the Court and write to Class Counsel and Defense Counsel about why you object to the Settlement (see FAQ 11).

9. Do I have a Lawyer in the Case?

The Court has appointed the law firm of Bailey & Glasser LLP as Class Counsel in the Class Action. If you want to be represented by your own lawyer, you may hire one at your own expense.

10. How will the Lawyers be paid?

Class Counsel will file a motion for an award of Attorneys’ Fees and Costs and Administrative Expenses prior to the objection deadline. The Court will determine the amount of fees, costs, and administrative expenses that will be awarded, if any. All papers filed in this Class Action, including Class Counsel’s motion for Attorneys’ Fees and Costs and Administrative Expenses, will be available for review on this website and via the Public Access to Court Electronic Records System (PACER), available online at http://www.pacer.gov.

11. How do I tell the Court If I don’t like the Settlement?

If you are a Settlement Class Member, you can object to the Settlement by mailing to Class Counsel and to Defense Counsel at the addresses below a written objection explaining why you object and enclosing any supporting documents. Your written objection must: (1) clearly identify the case name and number: Howell, et al. v. Argent Trust Co., et al., Case No. 1:22-cv-03959- SDG; (2) include your full name, current address, and telephone number; (3) describe the position you wish to assert, including the factual and legal grounds for the position; (4) provide copies of all documents that you wish to submit in support of your position; (5) provide the name(s), address(es) and phone number(s) of any attorney(s) representing you; and (6) include your signature.

Your written objection and supporting documents must be mailed to Class Counsel and Defense Counsel and postmarked no later than 30 calendar days prior to Fairness Hearing to be considered. Class Counsel and Defense Counsel will have an opportunity to respond to your objection. You also must file your objection with the Court by mailing or hand delivering it to the Clerk of Court at the address below.

12. When and Where Will the Court Decide Whether to Approve the Settlement?

The Court will hold a Fairness Hearing at 2:00 p.m. EST on November 5, 2026, in Courtroom 1706, Richard B. Russell Federal Building, 75 Ted Turner Drive, S. W., Atlanta, GA 30303. At the Fairness Hearing, the Court will consider whether the Settlement is fair, reasonable, and adequate. The Court also will consider the motion for Attorneys’ Fees and Costs and Administrative Expenses. If there are objections, the Court will consider them then. You do not have to appear at the Fairness Hearing in order to have your objection considered by the Court. Please note that if the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on this website.

13. Do I Have to Attend the Fairness Hearing?

No, but you are welcome to come at your own expense. You may also make an appearance through an attorney at your own expense. If you send an objection, you do not have to come to the Court to talk about it. As long as you filed and mailed your written objection on time, the Court will consider it.

14. May I Speak at the Fairness Hearing?

Yes. If you wish to attend and speak at the Fairness Hearing, you must file an intent of notice to participate with the Clerk of the Court and mail to Class Counsel and Defense Counsel (see FAQ 11) a notice of intent to appear postmarked at least 14 calendar days before the Fairness Hearing. In order to speak at the Fairness Hearing, you must also comply with the requirements for making an objection (see FAQ 11) if you wish to object to the Settlement.

15. What Happens If I Do Nothing at All?

If you are a “Settlement Class Member” as described on the Home page, and you do nothing, the Settlement Administrator will attempt to mail your pro rata share of the Net Settlement Amount directly to you via check, if the Settlement is finally approved.

16. How can a rollover affect my taxes?

If you received notice, the Settlement Administrator has determined that the payment you are receiving from the Qualified Settlement Fund (“Fund”) is eligible to be rolled over to an Individual Retirement Account (“IRA”) or an employer plan. The Notice describes the rollover rules that apply to payments from the Fund. Neither the Parties nor the Court will provide you with tax advice. You will be taxed on a payment from the Fund if you do not roll it over. If you are under the age 59½ and do not do a rollover, you will also have to pay a 10% additional income tax on early distributions (generally, distributions made before age 59½), unless an exception applies. However, if you do a rollover, you will not have to pay tax until you receive payments later and the 10% additional income tax will not apply if those payments are made after you are age 59½ (or if an exception to the 10% additional income tax applies).

If you have questions about your personal tax obligations, please contact your tax professional.

17. What types of retirement accounts and plans may accept my rollover?

You may roll over the payment to either an IRA (an individual retirement account or individual retirement annuity) or an employer plan (a 401(k), section 403(b) plan, or governmental section 457(b) plan) that will accept the rollover. The rules of the IRA or employer plan that holds the rollover will determine your investment options, fees, and rights to payment from the IRA or employer plan (for example, IRAs are not subject to spousal consent rules, and IRAs may not provide loans). Further, the amount rolled over will become subject to the tax rules that apply to the IRA or employer plan.

18. How do I do a rollover?

There are two ways to do a rollover. You can do either a direct rollover or a 60-day rollover.

• If you do a direct rollover: the Fund will make the payment directly to your IRA or an employer plan. You should contact the IRA sponsor or the administrator of the employer plan for information on how to do a direct rollover. The information they give you can then be used to complete the settlement administration form. You generally need to have an account opened (even if it is not funded) for an institution to process your rollover.

• If you do not do a direct rollover: you may still do a rollover by making a deposit into an IRA or eligible employer plan that will accept it. Generally, you will have 60 days after you receive the payment to make the deposit. If you do not do a direct rollover, the Fund is required to withhold 20% of the payment for federal income taxes (up to the amount of cash and property received other than employer stock). This means that, in order to roll over the entire payment in a 60-day rollover, you must use other funds to make up for the 20% withheld. If you do not roll over the entire amount of the payment, the portion not rolled over will be taxed and will be subject to the 10% additional income tax on early distributions if you are under the age 59½ (unless an exception applies).

You may complete an online Rollover Form here. Rollover Forms must be submitted no later than November 5, 2026.

19. How Do I Get More Information?

If you have questions regarding the Settlement, you can call (833) 421-7346 or write to the Settlement Administrator at:

Howell v. Argent Trust Co
c/o Settlement Administrator
P.O. Box 26170
Santa Ana, CA 92799

Do not contact the Court with questions regarding the Settlement. 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, and can be reviewed in person during regular business hours at the Office of the Clerk of Court of the United States District Court for the Northern District of Georgia, 2211 United States Courthouse, 75 Ted Turner Dr., SW, Atlanta, GA 30303-3309. Please note that neither North Highland nor any current or former employees, attorneys, or representatives of North Highland may advise you regarding the Settlement or how you should proceed.