News & Analysis as of

Employee Stock Ownership Plans Trustees

Kaufman & Canoles

Corporate Transparency Act: ESOP Considerations

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The Corporate Transparency Act (CTA) went into effect January 1, 2024, imposing significant reporting obligations for millions of privately held entities, called Reporting Companies. ...more

Foster Swift Collins & Smith

The Corporate Transparency Act's Impact on ESOPs

The Corporate Transparency Act (“CTA”), which became effective on January 1, 2024, requires that many businesses report a significant amount of information about the company and its “beneficial owners” to a federal database....more

ArentFox Schiff

Fiduciary Obligations in a Re-Leveraging Transaction Heads to Court: Shipp v. Central States Manufacturing, Inc., Case...

ArentFox Schiff on

On November 28, three participants in Central States Manufacturing, Inc.’s employee stock ownership plan (ESOP) filed a complaint on their own behalf and on behalf of other ESOP participants against the company, its board of...more

Husch Blackwell LLP

Anatomy of an ESOP

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ESOPs can pay fair market value for the stock: Stock purchased by an ESOP must be appraised by an independent third party expert working with a trustee for the ESOP who must also be independent from the seller. The ESOP is...more

Faegre Drinker Biddle & Reath LLP

Thinking ESOPs: Amicus Brief Argues that DOL has been Misinterpreting the Adequate Consideration Exemption

On July 27, 2022, Faegre Drinker filed an amicus brief on behalf of The ESOP Association in the pending Ninth Circuit appeal in Walsh v. Bowers, et al. The brief supports an award of attorneys’ fees and costs against the...more

McDermott Will & Emery

Understanding a Trustee’s Role in Management Incentive Plans

On May 5, 2022, McDermott Partner Erin Turley delivered a presentation during the 2022 TEA National Conference titled “Understanding a Trustee’s Role in Management Incentive Plans.” Her presentation focused on the trustee’s...more

Rivkin Radler LLP

Deferring the Tax Hit on a Grant Equity to an Employee – Are You Prepared to Enforce the Forfeiture Provision?

Rivkin Radler LLP on

“Would I ever leave this company? Look, I’m all about loyalty. In fact, I feel like part of what I’m being paid for here is my loyalty. But if there were somewhere else that valued loyalty more highly, I’m going wherever they...more

Faegre Drinker Biddle & Reath LLP

Thinking ESOPs: Sixth Circuit Enforces ERISA Exclusion in ESOP Trustee’s Insurance Policy

A recent Sixth Circuit Court of Appeals decision serves as a warning to policyholders: read your entire policy, understand each provision and confirm that the policy language accurately reflects your understanding of the...more

McDermott Will & Emery

[Webinar] ESOP Focus: Deliberate Decision-Making | Dynamic Distribution Strategies - April 30th, 2:00 pm - 3:00 pm ET

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The decisions you make in response to the global pandemic will have lasting impacts on your business and your workforce. Join members of our ESOP team each Thursday for this webinar series designed to help you navigate and...more

Holland & Knight LLP

Something Old, Something New and Something Borrowed in Latest DOL Process Agreement

Holland & Knight LLP on

On the same day that the U.S. Department of Labor (DOL) filed a lawsuit against the Farmers National Bank of Danville (FNB) and the Weddle Brothers Construction Company Inc. Employee Stock Ownership Plan, the parties agreed...more

McDermott Will & Emery

Federal Court Dismisses Challenge to ESOP Transaction

McDermott Will & Emery on

In Lee v. Argent Trust Co., the court dismissed ERISA claims challenging an ESOP stock transaction because the plaintiff, who “fundamentally misunderstands the nature of the” ESOP transaction, did not allege that she suffered...more

Troutman Pepper

Investment Management Update – Exit Strategies

Troutman Pepper on

Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Funds Services Practice Group, hosts a monthly webinar series for West LegalEdcenter. This month, Mr. Nowak, is joined by Richard Juliano,...more

Troutman Pepper

Investment Management Update – Exit Strategies (PowerPoint Slides)

Troutman Pepper on

Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Funds Services Practice Group, hosts a monthly webinar series for West LegalEdcenter. This month, Mr. Nowak, is joined by Richard Juliano,...more

Holland & Knight LLP

District Court: ESOP Arbitration Provision Doesn't Apply to "Cashed-Out" Participant - Court Does Not Rule, However, That the...

Holland & Knight LLP on

• The U.S. District Court for the Southern District of Ohio has ruled that the arbitration provision of an employee stock ownership plan (ESOP) does not apply to the plaintiff's class representative because she had "cashed...more

Holland & Knight LLP

DOL Enters into 5th Settlement Agreement with an ESOP Trustee – and It Looks Familiar

Holland & Knight LLP on

• The U.S. Department of Labor has entered into a fifth settlement agreement with the trustee of an employee stock ownership plan (ESOP). The agreement was entered into in connection with a recently settled case relating to...more

Holland & Knight LLP

DOL Enters into Another Settlement Agreement with ESOP Trustee

Holland & Knight LLP on

• The U.S. Department of Labor (DOL) closed out 2017 by entering into yet another settlement agreement with the trustee of an employee stock ownership plan (ESOP). • The latest agreement (the Alpha Agreement) requires Alpha...more

Holland & Knight LLP

Further ESOP Transaction Guidance Set Forth in Latest DOL Settlement Agreement

Holland & Knight LLP on

On the heels of a recent settlement agreement with an institutional employee stock ownership plan (ESOP) trustee, the U.S. Department of Labor (DOL) and individual trustee James F. Joyner III (Joyner) entered into a...more

Holland & Knight LLP

DOL Settlement Agreement Provides ESOP Transaction Guidance

Holland & Knight LLP on

• The U.S. Department of Labor (DOL) and First Bankers Trust Services Inc. (FBTS) have entered into a settlement agreement filed in U.S. District Court for the Southern District of New York, resolving a case challenging FBTS'...more

Proskauer Rose LLP

ERISA Newsletter - Second Quarter 2017

Proskauer Rose LLP on

Editor's Overview - Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog. Our featured article this...more

Holland & Knight LLP

Seventh Circuit Rejects Dudenhoeffer Applicability to Privately Held Stock - Decision Clarifies Burden to Plead ERISA Section 406...

Holland & Knight LLP on

The U.S. Court of Appeals for the Seventh Circuit's Aug. 25, 2016, decision in Allen v. GreatBanc Trust Co., No. 15-3569, made it the first court in a published opinion to expressly reject Fifth Third Bancorp v....more

Holland & Knight LLP

District Court Rules on ERISA Liability of Board and ESOP Advisory Committee Members in ESOP Transactions

Holland & Knight LLP on

On Sept. 1, 2016, the U.S. District Court for the Northern District of Illinois issued its decision in the Antioch employee stock ownership plan (ESOP) fiduciary litigation. The court held that the Antioch Board of Directors...more

McDermott Will & Emery

The Directed Trustee in the Post-Dudenhoeffer World

McDermott Will & Emery on

Overview - Court cases challenging the actions of Employee Retirement Income Security Act fiduciaries have continued unabated since the scandal of Enron in 2002. Since then, a large number of cases are in the ‘‘stock...more

Stinson - Benefits Notes Blog

What Should the Trustee of a Private ESOP Do?

The Department of Labor (DOL) recently entered into an agreement with GreatBanc Trust Company settling claims relating to its service as trustee of an employee stock ownership plan (ESOP) holding stock of a private company....more

Bradley Arant Boult Cummings LLP

DOL Settlement Is a Cautionary Tale for ESOP Trustees

The Department of Labor (DOL) recently settled a case involving an employee stock ownership plan (ESOP) that provides guidance but also a warning for trustees and employers contemplating ESOP transactions that later go awry....more

Morgan Lewis

Court Upholds Validity of ERISA Fiduciary Indemnification

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Ruling rejects DOL challenge of an agreement by a 100% ESOP-owned company to advance defense costs and indemnify a trustee....more

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