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Category: ESOPs

Your ERISA Watch – Dudenhoeffer Does Not Defeat Breach of Fiduciary Duty Claims Related to ESOP Purchase of Inflated Company Stock

What do you do if you’re a milling and animal feed manufacturer saddled in scandal because you produced horse and cattle feed containing a fatal amount of monensin?  Apparently, you sell your stock to an ESOP at an overly inflated…

Your ERISA Watch – Court Holds that Detrimental Reliance Is Not Needed for Class-Wide Relief and Certifies ESOP Class

This week’s notable decision is Cunningham, et al. v. Wawa, Inc., et al., No. 2:18-cv-03355-PD (E.D. Pa. July 2, 2019), where the court granted Plaintiffs’ motion to certify a class of Employee Stock Ownership Plan (“ESOP”) participants.  In their ten-count complaint,…

Your ERISA Watch – Second and Eighth Circuits Affirm Dismissal of Imprudent Investment Lawsuits Involving SunEdison Stock

This week’s notable decision is Usenko v. MEMC LLC, No. 18-1626, __F.3d__, 2019 WL 2344827 (8th Cir. June 4, 2019), where the Eighth Circuit affirmed the district court’s dismissal of this putative class action alleging that Defendants breached their duty…

Your ERISA Watch – Fourth Circuit Affirms Multi-Million Judgment Against Trustee for Breach of Fiduciary Duty to Employee Stock Ownership Plan

This week’s notable decision is Brundle v. Wilmington Tr., N.A., No. 17-1873, __F.3d__, 2019 WL 1287632 (4th Cir. Mar. 21, 2019), as amended (Mar. 22, 2019), where the Fourth Circuit Court of Appeals affirmed the district court’s findings that the…

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