ESOP LEGAL NEWS - April 2012 • Volume 1, Number 2



The ESOP Association submits comments on corporate tax reform to House committee; ESOP champion Olympia Snowe not running for reelection; Pro-ESOP legislation garners support; Bear Stearns agrees to settle stock-drop litigation; District court gives preliminary approval to settlement in King & Prince Seafood Corporation stock-drop litigation; First Federal Bank ESOP participants move court for final approval of settlement; Financial services groups request status report from DOL on re-proposal of regulation redefining term “fiduciary”.

Excerpt from District Court Gives Preliminary Approval to Settlement in King & Prince Seafood Corporation Stock-Drop Litigation

On April 4th, the United States District Court for the Southern District of Georgia gave preliminary approval to a settlement in a class action brought by participants in the King & Prince Seafood Corporation Employee Stock Ownership Plan. The participants alleged they were deprived of benefits on account of changes made to the plan’s distribution policies.

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Published In: Civil Procedure Updates, Civil Remedies Updates, Labor & Employment Updates, Securities Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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