Update

On April 2, 2009, Judge James Zagel approved a $1.3 million settlement with optionsXpress. The settlement approved by Judge Zagel includes the entry of a bar order prohibiting anyone from pursuing litigation with optionsXpress arising out of its relationship with Enterprise Trust Company. We do not know at this time whether any of the objectors will appeal Judge Zagel's order approving the settlement.

As noted on the website, the Seventh Circuit Court of Appeals affirmed Judge Zagel's order approving an allocation plan for the assets that remain at Enterprise. We intend to have those assets repriced as of April 15, 2009 and the distribution will commence the week of April 20.m We will provide each of you with a schedule which will reflect the assets that you will be receiving in the distribution. If we can ascertain prior to April 20 that there will not be any appeals challenging the approval of optionsXpress settlement, the proceeds from the settlement will be included in the distribution. If we do not receive those assurances in a timely fashion, the settlement proceeds will remain in an escrow account until all challenges are resolved.



On March 3, 2008, the United States Securities and Exchange Commission (“SEC”) filed a lawsuit against Enterprise Trust Company (“Enterprise”), John H. Lohmeier, its CEO, and Rebecca A. Townsend, its Vice-President, in the United States District Court for the Northern District of Illinois (Civil Action No.: 08 CV 1260). On the same day, the District Court entered an order freezing all assets in the name of or held for the benefit of Enterprise. Accordingly, Enterprise cannot make any distributions nor can it honor any withdrawal requests at this time.

As a result of the above action, Enterprise is currently in receivership and current Enterprise clients can contact the receiver at enterprisereceiver@ngelaw.com for more information.

  1. SEC v. Enterprise Trust Com., John H. Lohmeier, and Rebecca Townsend - Complaint
  2. Order Appointing Receiver
  3. Asset Freeze Order
  4. Receiver's March 11, 2008 Letter to Enterprise Customers
  5. Receiver's First Status Report
  6. Receiver's March 27, 2008 Letter to Enterprise Customers
  7. Proposed Order Extending Term of Receivership
  8. Minute Order Extending Receivership
  9. Receiver's May 6, 2008 Letter to Enterprise Customers
  10. 3/31/08 Order Extending Receivership and Expanding Powers of Receiver
  11. Receiver's June 9, 2008 letter to Enterprise Customers
  12. Receivers July 21 Plan for the Distribution of the Assets of Enterprise Trust Company
  13. Receiver's July 25, 2008 letter to Enterprise Customers
  14. 9-11-2008 Receiver's Response to Objections and Request for Approval
  15. Receiver's 9/23/2008 Status Report
  16. Receiver's September 25, 2008 letter to Enterprise Customers
  17. Order Approving Receiver's Plan of Allocation
  18. DeChristophers' Motion to Stay Order Pending Appeal
  19. Notice of Appeal
  20. Cochran Notice of Appeal
  21. Expedited Schedule Order
  22. Amended Briefing Schedule
  23. Oral Argument Schedule
  24. Cochran Appeal Brief
  25. DeChristopher Appeal Brief
  26. Receiver's Appellate Brief
  27. Cochran Reply Brief
  28. DeChristopher's Reply Brief
  29. Receiver's February 2, 2009 letters to Enterprise Customers
  30. Receiver's Motion for Order and Memorandum in Support of Motion for Order Approving Proposed Settlement Agreement
  31. Receiver for Enterprise v. Legent - Complaint
  32. Agreed Motion to Consolidated Related Cases
  33. Article about possible tax relief. (Please consult your tax professional.)
  34. Decision of the 7th Circuit Court of Appeals
  35. Finding of Relatedness Pursuant to Local Rule 40.4
  36. Receiver's Response to the Objections of Certain ETC Clients Regarding the Proposed Settlement with OptionsXpress.
  37. Motion to Authorize Second Distribution of Assets Held by ETC