The Department of Labor has filed a lawsuit that says the fiduciaries for the employee stock ownership plan (ESOP) of BAT Masonry Company, Inc. breached their fiduciary duty by engaging in prohibited transactions of the company's stock, along with other actions.
The lawsuit, filed in the U.S. District Court for the Western District of Virginia, says that in July of 2010, the fiduciaries paid $13 million too much for company stock for the plan, which was established as of May 1, 2009.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.