If you participated in or received benefits from the TPI Hospitality Employee Stock Ownership Plan, a class action lawsuit may affect your rights.

A federal lawsuit alleges that Argent Trust Company ("Argent"), Torgerson Properties, Inc. (d/b/a TPI Hospitality) ("TPI"), the TPI Board of Directors, the TPI Hospitality ESOP Committee, and certain individual defendants breached their duties as fiduciaries to the TPI Hospitality Employee Stock Ownership Plan ("Plan") and that prohibited transactions occurred in violation of the Employee Retirement Income Security Act ("ERISA"). This case asserts claims against TPI, the TPI Board of Directors, Thomas R. Torgerson, Donald Haas, Robert Thurston, the TPI Hospitality ESOP Committee, William R. Upshaw, Sheryl D. Walton, Pete Bromelkamp, Chris Flagg, Kathy A. Aamot, and John H. Dammermann (collectively, "TPI Defendants") and Argent (Argent and TPI Defendants, collectively, "Defendants").

A Settlement has been reached that encompasses all claims in this case. Defendants deny all claims, and nothing in the Settlement is an admission or concession on their part of any fault or liability whatsoever.

For the purposes of this Settlement only, the "Settlement Class" is defined as: All participants and beneficiaries of the TPI Hospitality Employee Stock Ownership Plan at any time since its inception who vested under the terms of the Plan, excluding individual Defendants and their immediate family. Each member of the Settlement Class is referred to herein as a "Class Member."

The Settlement will provide, among other things, for a $500,000.00 Settlement Fund (as defined in the Plan of Allocation) that will be allocated to eligible Class Members after all Court-approved deductions.

The terms and conditions of the Settlement are set forth in the Settlement Agreement filed June 30, 2025. Capitalized terms used in the Notice and this website but not otherwise defined in the Notice and this website have the meanings assigned to them in the Settlement Agreement. The Settlement Agreement is available here. You may call (844) 496-1013 for additional information.

Your rights and the choices available to you—and the applicable deadlines to act—are explained in the Notice.

The Court still has to decide whether to approve the Settlement. Payments under the Settlement will be made only if the Court finally approves the Settlement, and that final approval is upheld in the event of any appeal.

A Fairness Hearing will take place on November 21, 2025 at 1:30 p.m. before the Honorable Judge Donovan W. Frank, United States District Court for the District of Minnesota, Warren E. Burger Federal Building and United States Courthouse, 316 North Robert Street, St. Paul, MN 55101, in Courtroom 7C, to determine whether to grant final approval of the Settlement and approve (i) the requested attorneys' fees and expenses, (ii) administrative fees, costs, and expenses, (iii) Independent Fiduciary fees, costs, and expenses, and (iv) a Service Award. If the Fairness Hearing is rescheduled, or if it is held by video conference or telephone, a notice will be posted on this website.

Any objections to the Settlement, or to (i) the requested attorneys' fees and expenses, (ii) administrative fees, costs, and expenses, (iii) Independent Fiduciary fees, costs, and expenses, or (iv) Service Award, must be filed with the Court and submitted to the Settlement Administrator by U.S. Mail or email at least 21 calendar days before the Fairness Hearing. Further information about the objection process is set forth in Section 9 of the Notice.

Your rights and the choices available to you—and the applicable deadlines to act—are explained in the Notice and FAQs.