Persuasive’ Defense Expert Testimony Defeats ESOP Overpayment Claims

Business Valuation UpdateVol. 22 No. 12
BVLaw Case Update
December 2016

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5963 Direct Selling Establishments
454390 Other Direct Selling Establishments
ESOP valuations
expert testimony, breach of fiduciary duty, cash flow, comparable companies analysis, discounted cash flow (DCF), fair market value (FMV), multiple, projections, earnings before interest, taxes, depreciation, amortization (EBITDA), employee stock ownership plan (ESOP), erisa, company specific risk, revenue forecasts
Fish v. GreatBanc Trust Co.
2016 U.S. Dist. LEXIS 137351
September 1, 2016
US
Federal Court
Illinois
United States District Court
Robert Reilly (plaintiffs); Jeffrey Risius (defendants); Duff & Phelps (financial advisor to ESOP trustee)
Alonso

Summary

Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.

See Also

Persuasive’ Defense Expert Testimony Defeats ESOP Overpayment Claims

Court Case Digests
September 1, 2016

Court says defense expert opinion provides “credible and persuasive” support for court’s conclusion that ESOP financial advisor produced sound fairness and valuation opinions prior to contested transaction; there was no overpayment for stock at issue.