Court Finds Plaintiff Fails to Show ESOP Transaction Caused Injury

BVLaw
Court Case Digests
August 7, 2019
1542 General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses
236220 Commercial and Institutional Building Construction
ESOP valuations
business valuation, appraisal, breach of fiduciary duty, fair market value (FMV), overpayment, employee stock ownership plan (ESOP)

Lee v. Argent Trust Co.
2019 U.S. Dist. LEXIS 132066
US
Federal Court
Federal
United States District Court
N/A (plaintiff); N/A (defendant)
Boyle

Summary

Court dismisses private plaintiff’s ESOP suit, alleging defendant trustee and other ESOP and company actors violated their fiduciary duties to the plan and overpaid for company stock; a subsequent valuation showed the plan obtained stock at a discount, court concludes.

See Also

Lee v. Argent Trust Co.

Court dismisses private plaintiff’s ESOP suit, alleging defendant trustee and other ESOP and company actors violated their fiduciary duties to the plan and overpaid for company stock; a subsequent valuation showed the plan obtained stock at a discount, court concludes.