Fiduciary Ordered to Give Up Cars to Restore Plan Losses
A federal court found that no amount of judgements from previous decisions had been satisfied.
Tag: ESOPs
Supreme Court May Hear Case About Co-fiduciary Indemnifying Trustees
The case involves a complicated leveraged buyout of an ESOP that left participants with worthless stock.
D.C. Appellate Court Affirms Employer Win in Stock Drop Suit
So called “stock drop” litigation remains a concern for many in 2017, but recently some employers have posted key court...
Fiduciaries Failed to Follow Plan Document for ESOP Termination
A federal court has ordered the fiduciaries to restore losses to plan participants.
Participant Files Third Wells Fargo Stock Drop Suit
The third complaint suggests defendants should have pushed for disclosures that would have corrected the company stock price.
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Providers Partner on ‘Insight’ Stock Plan Solution
Plan Management Corporation and CompIntelligence announced a strategic partnership and integration, aimed at delivering a “complete stock plan solution.”
ESOP Fiduciaries Sued for Inflated Price of Stock Purchase
The overpayment caused a direct loss to the plan and constituted a prohibited transaction under the Employee Retirement Income Security...
Stock Drop Suit Targets Wells Fargo
In the new ERISA lawsuit, plaintiffs allege that plan fiduciaries knew well in advance about the problematic sales practices that...
Case About Forcing Participants Out of Company Stock Moves Forward
A court found eliminating ESOP participants’ right to invest in company stock is not a violation of ERISA’s anti-cutback provisions,...
BP Stock Drop Suit Sent Back to Lower Court Again
A federal appellate court found that while plaintiffs claimed to have met new standards in their amended complaint, they did...
Court Finds No Fiduciary Breaches in Antioch ESOP Transaction
A U.S. District Court found the true fiduciary to the transaction did not breach its fiduciary duties and ruled for...
Target Hit With a Second Stock-Drop Challenge
Plaintiffs say the “artificial inflation of the company stock price” made Target shares a bad investment for the ESOP.
Participants in Bankrupt Company’s ESOP Can’t Offload Shares
A federal district court found that, although the confirmed reorganization plan for the company was ambiguous as to whether ESOP...
Another Firm Targeted by DOL Over Inaccurate ESOP Valuations
An Ohio-based transportation and logistics company is accused of overpricing its company stock by nearly $6 million.
Sponsor Facing Sizable Settlement for Poor ESOP Valuations
Count employer stock purchases within ESOPs among the activities receiving significant scrutiny from participants, regulators and litigators.
Appellate Court Affirms Fiduciaries' Liability for Mispriced ESOP Purchase
Among other things, the court found Herbert C. Bruister fired the ESOP’s counsel for being “too thorough,” and caused his...
Kodak Settles Stock Drop Suit for Nearly $10M
The lawsuit claims that when Kodak filed for bankruptcy protection in January 2012, it failed to take action to protect...
ESOP Participants Failed to State Claim Under Fifth Third Standard
A district court found the requirement to allege an alternative action in a stock drop case applied to participants in...
Court Restricts ESOP Attorney’s Ability to Represent Plans
The attorney’s alleged contempt arose from a lawsuit against Herbert Bruister and others for various breaches of fiduciary duties that...
Gruber Systems Ordered to Pay for Improper ESOP Purchase
The DOL won a consent judgment and order valued at $1.1 million on behalf of participants in a Gruber Systems...