Tag: Employee Stock Ownership Plan

ESOP Fiduciaries to Pay More Than $2 Million to Settle DOL Lawsuit

The Department of Labor sued Sonnax Industries, company officers and ESOP fiduciaries Tommy Harmon and Frederick Fritz, and Illinois-based First Bankers Trust Services Inc. in December 2016, alleging the fiduciaries had the plan overpay for Sonnax Industries stock by millions of dollars.