INSIDE THIS ISSUE:
-District court upholds prudence claim, dismisses communications and monitoring claims brought by participants in Community National Bank Corporation Employee Stock Ownership Plan;
-Eleventh Circuit adopts presumption of prudence, upholds district court judgment dismissing claims brought by participants in Home Depot, Inc. Employee Stock Ownership Plan;
-Second Circuit upholds district court judgment dismissing claims brought by participants in JP Morgan 401(k) Savings Plan;
-District court applies presumption of prudence at pleadings stage to dismiss claims alleging breach of fiduciary duty brought by participants in Sovereign Bankcorp, Inc. Employee Stock Ownership Plan;
-Department of Labor files complaint alleging breaches of fiduciary duties and prohibited transactions;
-Assistant Secretary of Department of Labor lists ESOPs as audit priority, discusses re-proposal of regulation redefining term “Fiduciary”;
-Pro-ESOP Legislation Garners Support.
Excerpt from District Court Upholds Prudence Claim, Dismisses Communications and Monitoring Claims Brought by Participants in Community National Bank Corporation Employee Stock Ownership Plan:
On May 10, 2012, the United States District Court for the Middle District of Florida issued an Opinion granting in part and denying in part a motion to dismiss claims brought by participants in the Community National Bank Corporation Employee Stock Ownership Plan against members of the board of directors and officers of the sponsor corporation.
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