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Board of Directors Employee Stock Ownership Plans

Polsinelli

ESOP Transactions and the Duty to Monitor Revisited

Polsinelli on

Key Takeaways: Board’s Duty to Monitor the Trustee: A company’s board of directors has a fiduciary duty to monitor the ESOP trustee’s actions in an ESOP transaction, ensuring that the trustee is acting in the exclusive...more

Bricker Graydon LLP

Navigating ESOP Transactions: Essential Steps to Minimize DOL Scrutiny from the Start

Bricker Graydon LLP on

In a recent court ruling, the US Department of Labor (DOL) prevailed against corporate directors and shareholders for claims related to an Employee Stock Ownership Plan (ESOP) transaction. ...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

Holland & Knight LLP

Court Pares Down Claims by ESOP Participants Against Company Directors, Selling Shareholders

Holland & Knight LLP on

The U.S. District Court for the Northern District of California entered summary judgment on July 6, 2020, in favor of defendants who sold stock to an employee stock ownership plan (ESOP) and faced liability under the Employee...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities - June 2017

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between February 2017 and April 2017. The cases address developing trends in class actions, ERISA, fiduciary duties,...more

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