Tag: ESOP

Tribune ESOP Fiduciary Breach Suit Moves Forward

A federal court has moved forward claims that fiduciaries for the Tribune Company Employee Stock Ownership Plan (ESOP) breached their duty to the plan when real estate investor Sam Zell took the company private in an $8.3 billion stock buyback two years ago.

Court Moves Forward Claim ESOP Reps Omitted Data

A federal court has ruled that a former employee stock ownership plan (ESOP) participant can pursue his claim that plan fiduciaries breached their duties by failing to tell him financial data that potentially could have resulted in a higher distribution.

DoL Sues Trustees over Company Stock Purchases

The U.S. Department of Labor is suing the trustees and other fiduciaries of the employee stock ownership plans and eligible individual account plans of DirecTECH Holding Co. Inc. for allegedly using plan assets to purchase company stock at inflated prices.

BofA Merrill Enhances Stock Services

The Bank of America Merrill Lynch equity compensation business has enhanced its services to assist companies in managing such benefits as performance stock, restricted stock, and stock option awards.

Tribune to Terminate ESOP

In a memo to Tribune Co. employees announcing a new retirement plan, Chief Administrative Officer Gerry Spector said the company's employee stock ownership plan (ESOP) likely will be terminated when the Chicago-based media conglomerate emerges from bankruptcy.