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.
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.
Clewiston, Florida-based U.S. Sugar has agreed to pay $15.9 million to settle a breach of fiduciary duty lawsuit brought by 4,000 current and former employees, BLR reported.
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.
Charles Schwab has added integrated IFRS 2 reporting functionality into its Schwab EquiView recordkeeping system for corporate stock plan clients.
Equity Administration Solutions, Inc. (EASi), a stock plan management software company, has introduced a Universal Direct Broker Interface (DBI) capability.
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.
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.
The recent market tumult certainly took a toll on participant balances, but a an analysis by The Principal suggests that it might have been less than some feared.
The U.S. District Court for the Southern District of New York has ruled that participants in two retirement plans sponsored by Citigroup failed to state a claim that Citigroup breached its fiduciary duties by offering stock as an investment option.
Results from the Employee Ownership Foundation’s 18th Annual ESOP Economic Performance Survey found that 88.5% of ESOP companies outperformed the stock market in 2008.