Trustee’s Claim for Contribution Against ESOP Appraiser Collapses

BVLaw
Court Case Digests
August 8, 2019

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ESOP valuations
breach of fiduciary duty, fair market value (FMV), trustee, breach of ERISA fiduciary obligations, valuation report, fairness opinion, adequate consideration, appraiser
Remy v. Lubbock Nat’l Bank
2019 U.S. Dist. LEXIS 133421
US
Federal Court
Federal
United States District Court
Stout Risius Ross (ESOP appraiser)
Flanagan

Summary

In ESOP case, court finds ERISA provides for right to contribution among co-fiduciaries but finds trustee defendant has no right to contribution from nonfiduciary ESOP appraiser if trustee were found liable to ESOP for losses; court dismisses third-party complaint against ESOP appraiser.

See Also

Remy v. Lubbock Nat’l Bank

Full Text of Court Cases
August 8, 2019

In ESOP case, court finds ERISA provides for right to contribution among co-fiduciaries but finds trustee defendant has no right to contribution from nonfiduciary ESOP appraiser if trustee were found liable to ESOP for losses; court dismisses third-party complaint against ESOP appraiser.