News & Analysis as of

Overpayment Breach of Duty

Vinson & Elkins LLP

Delaware Court of Chancery Applies Entire Fairness Review in Novel SPAC Lawsuit

Vinson & Elkins LLP on

A year ago, as the SPAC wave continued to build, we wrote that lawsuits challenging de-SPAC transactions would likely pose a question that had thus far received little attention from courts or commentators: is a de-SPAC...more

Holland & Knight LLP

Court Awards ESOP $6.5 Million for Overpayment, Finds That Trustee Breached Duty

Holland & Knight LLP on

The U.S. District Court for the Western District of Virginia has awarded the Sentry Equipment & Erectors Inc. Employee Store Ownership Plan (the ESOP) $6.5 million for the ESOP's overpayment for the founding shareholder's 52...more

King & Spalding

Eighth Circuit Questions Whether Cross-Plan Offsetting Violates ERISA in Recent Decision Holding that the Underlying Plan...

King & Spalding on

On January 15, 2019, the United States Court of Appeals for the Eighth Circuit considered whether certain plan documents allowed UnitedHealth Group Inc. and affiliates (“United”) to engage in a practice known as “cross-plan...more

McDermott Will & Emery

Eighth Circuit Rejects Cross-Plan Offsetting

A recent Eighth Circuit decision regarding “cross-plan offsetting” serves as an important reminder of how ERISA’s fiduciary duties impact both employers and fiduciaries who handle claims. The case involved the common...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

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