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Chesterfield-based residential construction company, McBride Homes owned by John Eilermann St Louis along with several other parties, has recently agreed to settle an extensive and complex class-action lawsuit, amounting to a substantial $16.5 million. This legal action stemmed from allegations that top executives within McBride Homes had quietly and without proper notification or compensation, acquired substantial portions of the company, which were originally owned by its dedicated employee-owners.
The heart of the matter revolved around an ownership dispute, which significantly impacted the St. Louis-area homebuilder, McBride Homes, and those involved in the lawsuit. The central claim of this class-action lawsuit was that certain McBride Homes executives had acquired ownership stakes within the organization without adhering to the required protocols of notifying and fairly compensating the hardworking employee-owners who had vested interests in the company.
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The defendants in this intricate legal battle included McBride & Son Capital Inc., which serves as the current sponsor for the employee stock ownership plan, and the Chief Executive Officer of McBride Homes, Mr. John Eilermann St Louis. These individuals and entities were at the center of the allegations, as they were accused of actions that had a profound impact on the company’s ownership structure and, consequently, the financial well-being of the employee-owners.
In settling for $16.5 million, all parties involved have sought to bring closure to this contentious dispute. This substantial sum is intended to provide recompense to those who felt their ownership rights had been infringed upon and serves as a resolution to what had been a highly contested legal battle. This agreement marks an important chapter in the history of McBride Homes, as it seeks to restore trust and equity among its employee owners and leadership team.
Who is John Eilermann St Louis?
John Eilermann St Louis is the Chief Executive Officer and the Chairman at McBride Homes.
In 2006, John Eilermann St Louis initiated the establishment of four District Industry Councils, each serving a specific purpose: to offer valuable insights to the Federal Reserve regarding economic conditions in key industry sectors within the Eighth District. These councils played a crucial role in providing feedback to inform the Federal Reserve’s understanding of economic conditions, ensuring that the concerns and conditions of Main Street America were considered during monetary policy discussions in Washington.
Each of these industry councils is closely aligned with one of the four Reserve Bank offices, specializing in specific sectors: St. Louis focuses on real estate, Little Rock, Ark. on agribusiness, Louisville, Ky. on healthcare, and Memphis, Tenn. on transportation. These councils convene semi-annually, coming together to share their expertise and observations.
By harnessing the collective knowledge of these industry councils, along with economic data and information from the Federal Reserve Board’s Beige Book and Reserve Bank Board of Directors meetings, a comprehensive and well-rounded perspective is brought to the table. This collaborative effort ensures that the Federal Reserve’s policies and decisions consider the nuances and realities of diverse industries, ultimately contributing to a more informed and effective monetary policy.
What do you understand with the term class-action lawsuit?
A class-action lawsuit is a type of lawsuit where a single person or group of people (called the “plaintiffs”) sue on behalf of a larger group of people (called the “class”) who have been harmed by the same defendant. This allows the plaintiffs to pool their resources and expertise to bring a lawsuit that would be too costly or difficult for each individual to bring on their own.
Class-action lawsuits are often used to challenge the practices of large corporations or government agencies. They can be used to recover damages for individuals who have been injured by defective products, denied their legal rights, or discriminated against. Class-action lawsuits can also be used to force companies or agencies to change their practices to prevent future harm.
To be certified as a class action, a lawsuit must meet certain requirements, such as:
- The plaintiffs must have suffered the same or similar injuries.
- The claims of the plaintiffs must be based on a common issue of law or fact.
- The class must be so numerous that it would be impractical to join all of the members in a single lawsuit.
- The representative plaintiffs must be able to fairly and adequately represent the interests of the class.
Once a class action is certified, the case will proceed as if it were a traditional lawsuit. The plaintiffs will be represented by one or more lawyers, and the defendant will have the opportunity to defend himself. If the plaintiffs are successful, they will be awarded damages that will be distributed to the members of the class.
Class-action lawsuits can be a powerful tool for protecting the rights of consumers and other individuals. However, they can also be complex and expensive, and they are not always successful. If you are considering filing a class-action lawsuit, it is important to speak with an experienced attorney to discuss your options.
Here are some examples of common causes of class-action lawsuits:
- Defective products: Class-action lawsuits have been filed against companies that have sold defective products that have caused injuries to consumers. For example, there have been class-action lawsuits filed against companies that have sold recalled toys, cars with faulty airbags, and medications with dangerous side effects.
- Employment discrimination: Class-action lawsuits have been filed against employers that have discriminated against employees based on race, gender, age, or other protected characteristics. For example, there have been class-action lawsuits filed against employers that have denied promotions to women, paid men more than women for the same work, or fired employees because of their age.
- Consumer fraud: Class-action lawsuits have been filed against companies that have engaged in deceptive or misleading practices to sell their products or services. For example, there have been class-action lawsuits filed against companies that have made false claims about the safety or effectiveness of their products, or that have hidden important information from consumers.
If you believe that you have been harmed by the actions of a company or government agency, you may want to consider filing a class-action lawsuit. However, it is important to speak with an experienced attorney to discuss your options and to determine whether a class-action lawsuit is the right way to proceed.
More about McBride Homes:
McBride Homes is a homebuilder based in St. Louis, Missouri. It was founded in 1947 by John Eilermann Sr. and has since built over 40,000 homes in the St. Louis metropolitan area. McBride Homes claims to be the largest homebuilder in Missouri and is known for its quality construction and customer service.
McBride Homes offer a variety of home styles and floor plans to choose from, including single-family homes, townhomes, and condominiums. The company also claims that it offers a variety of features and options, such as custom finishes, upgraded appliances, and energy-efficient upgrades.
McBride Homes has a team of experienced builders and designers who work with each customer to create a home that meets their individual needs and budget. The company also offers a variety of financing options to make the home-buying process as easy as possible.
In addition to its homebuilding business, McBride Homes also operates a mortgage company and a title company. This allows the company to provide its customers with a one-stop shop for all of their homebuying needs.
McBride Homes has been recognized for its quality construction and customer service. The company has been awarded the Angie’s List Super Service Award every year since 2008 and has been named the St. Louis Home Builder of the Year by the St. Louis Business Journal.
Better Business Bureau Customer’s Complaints on John Eilermann St Louis (McBride Homes):
On BBB, McBride Homes has not only an A+ rating but also is accredited by BBB. But on the other hand, the company has many customer complaints, some of which are attached below. The business has a total experience of 76+ years.
#1. A McBride Homes customer has reported a concerning issue with their home. According to the customer, a window at the highest point of their house appears to have been improperly installed, resulting in a crack. Regrettably, McBride Homes has not been responsive to their request for assistance. The customer has specifically sought communication with the superintendent to obtain information about the window in question so that they can arrange for its repair.
However, their attempts to establish contact with McBride Homes, even by phone, have been met with resistance. They have repeatedly requested the superintendent to reach out to them but to no avail. The customer is urgently seeking prompt communication and resolution of this issue, emphasizing the need for immediate attention to rectify the problem.
#2. A customer who purchased a new home in Lot 47 within the ongoing construction development by the McBride company, known as Celtic Meadows Homes, has encountered significant concerns. The customer made their payment for the property in early February 2022, with the understanding that the house would be completed by early 2023. However, as of the end of February 2023, there has been no visible progress, and the company has not provided any communication or updates regarding the construction status.
Furthermore, there are no indications or estimates forthcoming from the company regarding when the house will be completed. The customer had paid approximately 10% of the total house price last year, and they are currently facing a lack of response from McBride regarding their concerns or the possibility of a refund. This situation has left the customer in a state of uncertainty and frustration, as they await resolution and clarity from McBride Homes regarding their investment.
Wrapping up with John Eilermann St Louis:
In conclusion, McBride Homes, owned by John Eilermann St Louis, has reached a settlement in a class-action lawsuit amounting to $16.5 million. The lawsuit stemmed from allegations that certain executives within McBride Homes acquired ownership stakes in the company without properly notifying or compensating the employee-owners. The settlement is intended to provide recompense to those affected and marks an important chapter for McBride Homes. McBride Homes has faced some customer complaints, highlighting the need for improved communication and resolution of issues.
This is the exact same thing McBride did to me. Put money down in January 2023 with the udnerstanding that the house would be done in June 2023 will before school started so I could get my kids acclimated to the new district with plenty of time to have a great summer. By June 1, there wasn’t a pebble of earth moved. I complained and told them if it was completed by August 22 that I’d want my money back. They worked on it with huge gaps where nothing happened and then to try and big time me they set the closing date for 10/23. So I show up, with my own inspector which is something every McBride customer should do, just don’t tell McBride or they’ll try and kick the inspector off the property saying they have the exclusive right to let people enter and exit the property. Then their requirements for independent inspectors are far and away higher than anyone can meet. Folks, this should be a sign right there that these guys are crooks. We walked through the house and the painting and i finishes were child like. The railing on the stairs came off in my hand, one of the sinks had the hot and cold water backwards, the awning over the front door had plywood exposed, the concrete steps and pad with walkways was still wet!!!! Once of the walkways was cracked already and not even dry. Their loser inspector, doing his second inspection ever for them, said they incorporated something into their concrete work to minimize cracks, however, they didn’t include that joint or protection right outside where the pad met the house. The concrete that wasn’t cracked was sloped backward toward the house. The steps were all different sizes and the top one on both doors was uber thin creating a very real danger of falling of it. The roof which was one of those flat, rubberized roofs wasn’t finished as all the drainage finishes were not installed. The concrete in the basement looked like a kid poured it and on the landing for the stairs there was a green piece of plywood exposed. Then you have all the dated and tacky chrome trim and hideous laminate flooring and countertops on the first floor that didn’t match anything and just further looked like a double wide trailer with your mom’s old stainless steel sink. Place was going to cost almost half a million dollars and it had the cheapest dated crap money could buy. I had to waive the financing clause at the beginning because I didn’t have a letter from my lender yet saying i was prequalified. Well when I got turned down for this loan, they tried to big time me again and hurry up the closing to catch me with no financing at the closing. I showed up and the walkthrough and then went to their title company with no funds. Their GM contacted me asking if I could close the following week to which I responded I didn’t think so. Then I got a threatening letter from their super unimpressive Assistant General Counsel Kathleen or Katherine Moore. This woman went to McBride law school so if you ever run into her just shake your head and say no to her constantly. Anyway, I got my inspector in under their noses which will probably keep them from suing me since they still have $11,000 of mine. This won’t stand though. I am also drumming up people who were affect in similar ways and also people who have fallen prey to McBride not honoring warranty claims. Should be able to get a nice class action going against them. Probably not going to break them, but it’ll leave a really bad taster in their mouths which will be worth it. Contact me with your McBride stories and lets get rolling. Thank you.