Compliance | September 13th, 2023 Department of Labor Recovers $22.5M for ESOP The plan’s former trustee, Reliance Trust Company, settled a complaint following an investigation.
Compliance | August 9th, 2023 DOL Lawsuit Alleges Participant Assets Locked by Fiduciaries The department is seeking access to retirement assets owned by employees of a closed time-share-properties business in Houston.
Benefits | July 31st, 2023 S Corporation ESOPs Result in Lower Quit Rates Plan sponsors whose workforce has access to Employee Stock Ownership Plans may accrue benefits of reduced worker turnover, research shows....
Compliance | July 24th, 2023 Trustee GreatBanc Trust, Company Executives Sued for Disputed ESOP Sale, Valuation Former employees are suing GreatBanc Trust Co. and executives from Buckeye Corrugated Inc., a national packaging and display products manufacturer,...
Administration | July 19th, 2023 Indiana Erector Set Manufacturer’s Former Chairman Sued by ESOP Participants The plaintiffs allege fiduciary breaches occurred in a leveraged buyout after the company founder’s death.
Compliance | June 14th, 2023 Lawsuit Targets SaveATree Subsidiary ESOP, Trustees The Arborwell Inc. employee stock ownership program began in 2017, but the plaintiffs allege the ESOP’s 2020 sale to CI...
Compliance | June 2nd, 2023 Churchill Holdings ESOP Participants Sue The lawsuit plaintiffs are ESOP participants holding vested shares of Churchill stock in their accounts who were employed at Churchill...
Compliance | May 18th, 2023 Hankey Group ESOP Sued in Attempt to Capitalize on COVID-19’s Economic Effects A former ESOP participant claims fiduciaries created conditions forcing the sale of participants’ assets by attempting to take advantage of...
Compliance | May 15th, 2023 ESOP Lawsuit Follows Sale to Private Equity Firm A New Jersey-based graphite manufacturer is alleged to have failed to operate the employee stock ownership plan in the best...
Compliance | August 17th, 2022 Appeals Court Upholds Decision in Boeing Stock-Drop Case Judges reaffirm the role of third-party fiduciaries in stock plans.
Deals and People | June 9th, 2022 2022 PLANSPONSOR Plan Sponsor of the Year Winners Announced Awards were given in nine categories representing various plan types and sizes.
Compliance | January 5th, 2022 ESOP Sponsor Settles Allegations of ERISA Violations With the DOL Mohawk Hospital Equipment will transfer $431,000 worth of stock to participants and pay a fine.
Compliance | December 23rd, 2021 Court Denies Summary Judgment for Lawsuit Against ESOP Fiduciaries The judge found that while the plaintiff might have released all his claims with a separation agreement, the lawsuit was...
Compliance | October 11th, 2019 Court Orders ESOP Fiduciary to Complete Fiduciary Training This is in addition to $454,545 in restitution to the plan, paid by the company and its employee stock ownership...
Data and Research | October 4th, 2019 ESOPs Boost Household Wealth Workers between the ages of 18 and 34 who are employee-owners have 92% higher median household wealth relative to workers...
Compliance | August 21st, 2019 Court Says Participant Misunderstood Valuation for ESOP Purchase A federal district court judge found that since shares for the ESOP were purchased with borrowed funds, the subsequent lower...
Compliance | August 20th, 2019 Court Orders Fiduciaries to Restore $6.5 Million to ESOP The court found as a fiduciary to the ESOP, Evolve Bank failed to notice, question or investigate several red flags...
Data and Research | December 6th, 2018 Workers in ESOPs Have Double the Retirement Savings ESOP participants have an average retirement balance of $170,326, more than twice the $80,339 that other workers have saved
Compliance | October 4th, 2018 Reliance Trust Settles DOL Lawsuit Over ESOP Valuation The lawsuit alleged that employee stock ownership plan participants overpaid for company stock.
Compliance | July 9th, 2018 Stock Drop Lawsuit Tied to Allergan-Actavis Acquisition Dismissed Ruling in favor of a detailed motion to dismiss filed by defendants, the court cites a long list of precedent-setting...