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...
Tag: ESOPs
Judge Rules on DOL ESOP Challenge with Mixed Results
The mixed decision comes after DOL moved for summary judgement; the defendants responded by moving to exclude key testimony from...
Benefits |
Owners and Employees Alike Can Benefit from ESOPs
A new website launched by Principal seeks to help business owners and their advisers talk through the possibilities of creating...
Two ESOP Bills Would Promote Employee Ownership
Both, one in the House and one in the Senate, have bipartisan support
6th Circuit Rules for Eaton Corp. in ESOP Suit
The appellate court agreed with a lower court that plaintiffs did not meet pleading standards set forth in the Supreme...
DOL Reaches Triple Settlement With First Bankers Trust
The DOL alleged in all three cases that the firm approved transactions without undertaking the due diligence required of an...
Court Finds ESOP Fiduciaries Had No Good Reason to Delay Diversification
The court granted summary judgment to the plaintiffs and ordered their benefits be paid along with prejudgment interest.
NY Skin Surgery Center to Pay $5 Million to ESOP
An investigation by EBSA found the owner of a laser surgery center in New York to have violated ERISA guidelines...
Court Sides With Wilmington Trust on ESOP Challenge
A judge said the plaintiffs did not allege an injury because, although the purchase price of the stock was allegedly...
ESOPs Still a Significant Share of Retirement Plans
Since 2010, an average of 229 new ESOPs have been created each year, the NCEO finds.
ESOP Did Not Meet Burden of Proof in Case Regarding Failed Transaction
An appellate court first discussed where the burden of proof lies in ERISA cases.
Stock-Drop Lawsuit Alleges Disclosure Failures
Plaintiffs attempt in their complaint to establish that fraud was at least potentially occurring, and that this should have been...
Attorney Describes What Makes a Good ESOP Candidate
One experienced benefits attorney says he has seen employee stock ownership plans do a whole lot of good for a...
Products |
First Bankers Trust Suspends Services for New ESOPs
The decision follows a ruling against First Bankers Trust in a DOL lawsuit.
House Passes Bill Encouraging Employee Stock Ownership
The Encouraging Employee Ownership Act would increase the cap on the amount of stock closely held companies can award employees...
Fiduciary Caused ESOP Participants To Overpay for Company Stock
A New Jersey District Court judge awarded more than $9.4 million to the plan.
Peabody Energy Stock Drop Suit Dismissed
A judge concluded plaintiffs did not allege special circumstances or offer plausible alternatives according to standards set forth in the...
Court Finds Price for ESOP Purchase Overvalued
The court found trustee Wilmington Trust “rushed its evaluation of the ESOP, failed to follow its own policies, and failed...
401(k) Participant Sues Over Investment in Chesapeake Energy
For one thing, the participant contends the ESOP portion of the plan should have been invested in the sponsoring company’s...
Products |
Stock Option Tax Reporting Support From myStockOptions.com
“Anyone who received income from equity compensation or sold shares in 2016 must understand the related reporting on IRS tax...