Bellwether IBM Stock Drop ERISA Lawsuit Settlement Published
The case history of IBM v. Jander shows the importance, but also the limitations, of Supreme Court rulings in fiduciary breach cases involving ERISA.
Judge Certifies Class in Lawsuit Filed by ESOP Participants
The participants claim they were mislead and intimidated to sell their shares back to the company at a price significantly lower than fair market value.
Wilmington Trust Faces Further ERISA Litigation Tied to ESOP Clients
The firm has previously settled similar challenges related to market price evaluation services provided to employee stock ownership plans.
Government Plaintiffs Clear Dismissal Hurdle in Reliance Trust Lawsuit
The Department of Labor brought the underlying case and has argued successfully in opposition to the defendants’ dismissal motion, which has now been denied.
Court Dimisses Lawsuit Over ESOP Valuation
A federal district court judge explained how the plaintiff actually benefited after the stock shares were purchased, so she suffered no harm.
Court Finds Red Flags Ignored in ESOP Valuation
Fiduciaries were ordered to restore $6,502,500 to the plan for an overpriced purchase.
S Corporation ESOPs Can Give Workers a Retirement Savings Advantage
In such plans, they have more than twice the average retirement balance of other workers.
DOL, Reliance Trust Settle ESOP Pricing Lawsuit
Reliance Trust will pay $4,545,454 back to the plan within 30 days.
Closely Watched Case Regarding Burden of Proof Dismissed And Settled
A significant split among circuit courts on this issue remains unresolved.
Second Decision in Wells Fargo Stock Drop Case Parses ‘Loyalty’ and ‘Prudence’
Given a second chance to argue their case, participants in a Wells Fargo retirement plan have again failed to meet the steep pleading standards set out by the influential Supreme Court decision known as Fifth Third vs. Dudenhoeffer.
Rainbow ESOP Challenge Easily Beats Motions to Dismiss
Plaintiffs in the lawsuit are participants and beneficiaries of the Rainbow Disposal Co., Inc. Employee Stock Ownership Plan, who seek to restore losses to the plan and to otherwise remedy a complicated series of alleged breaches of fiduciary duty.
DOL Investigation Results in $5 Million ESOP Settlement
The settlement agreement resolves a civil suit brought by the DOL, alleging Cactus Feeders Inc. ESOP fiduciaries failed to fulfill their obligations under ERISA during a December 2010 stock transaction.
ESOP Participants to Receive More Than $2 Million for Overpayment of Stock
A federal district court has entered a consent judgment requiring the fiduciaries of the Sonnax Industries’ employee stock ownership plan (ESOP) to pay $2,225,000 to the plan.
Judge Rejects Parts of DOL ESOP Expert Commentary in Fiduciary Breach Litigation
A complicated decision out of a Virginia district court weighs the merits of third-party expert commentary in ERISA litigation, in this case pertaining to an allegedly improper ESOP transaction.
ESOP Knowledge Can Provide Real Adviser Differentiation
In an interview with PLANADVISER, Jerry Ripperger, vice president of consulting at Principal, highlights a new, fee website the firm has rolled out to help advisers and their clients explore the potential benefits of launching employee stock ownership plans as part of a broader ownership transition.
Two ESOP Bills Progress in Congress
Both aim to promote employee ownership and have bipartisan support.
403(b)s: Similar but Different
First Bankers Trust Settles Three ERISA Suits
The lawsuits alleged that First Bankers Trust violated the Employee Retirement Income Security Act when it approved stock purchases by three employee stock ownership plans.