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.
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