Acosta v. Reliance Trust Co.

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August 9, 2019

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3599 Industrial and Commercial Machinery and Equipment, NEC
332710 Machine Shops
ESOP valuations
breach of fiduciary duty, fair market value (FMV), trustee, breach of ERISA fiduciary obligations, overpayment, fairness opinion, indemnification/contribution
Acosta v. Reliance Trust Co.
2019 U.S. Dist. LEXIS 134453, 2019 WL 3766379 [Kurt]
US
Federal Court
Minnesota
United States District Court
N/A (plaintiff); N/A (defendants)
Nelson

Summary

In DOL’s overpayment case against company directors and ESOP trustee, court denies directors’ pretrial motion for dismissal of case, finding DOL advanced “plausible” case theories; court also finds ESOP defendants have no right to indemnification from estate of late owner/seller of company shares.
Acosta v. Reliance Trust Kurt
PDF, Size: 291 KB

See Also

In ‘Overpriced ESOP Insider Transaction Case,’ Defendants’ Pretrial Motion for Indemnification Fails

Court Case Digests
August 9, 2019

In DOL’s overpayment case against company directors and ESOP trustee, court denies directors’ pretrial motion for dismissal of case, finding DOL advanced “plausible” case theories; court also finds ESOP defendants have no right to indemnification from estate of late owner/seller of company shares.

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BVR Guide to Management Projections and Business Valuation: Analysis and Case Law