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Category: ESOPs

Your ERISA Watch – District Court Denies Dismissal of Putative Class Action Claims Related to ESOP’s Debt-leveraged Purchase of Company Stock

Today’s notable decision is a good one for employee stock ownership plan (ESOP) participants. In Gamino v. KPC Healthcare Holdings, Inc. et al., No. 5:20-CV-01126-SB-SHK, 2021 WL 162643 (C.D. Cal. Jan. 15, 2021), District Judge Stanley Blumenfeld, Jr. denied motions…

Your ERISA Watch – The Second Circuit Kicks the Can In Long-running ESOP Duty-of-Prudence Dispute Against IBM

This week’s notable decision is the Second Circuit’s short per curiam opinion in Jander v. Ret. Plans Comm. of IBM, No. 17-3518, __F.3d__, 2020 WL 3412115 (2d Cir. June 22, 2020), a case where Plaintiffs, who are participants in the…

Your ERISA Watch – Supreme Court Sends Closely Watched Fiduciary Duty Case Back to the Second Circuit Court of Appeals

Yesterday, in Retirement Plans Committee of IBM v. Jander, No. 18-1165, 2020 WL 201024 (U.S. Jan. 14, 2020), the U.S. Supreme Court vacated and remanded a closely watched ESOP breach of fiduciary duty case to the Second Circuit Court of…

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…

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