Lysengen v. Argent Trust Co.

BVLaw
Full Text of Court Cases
November 3, 2020
1542 General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses
236220 Commercial and Institutional Building Construction
ESOP valuations
breach of fiduciary duty, fair market value (FMV), prohibited transaction, trustee, overpayment, employee stock ownership plan (ESOP), adequate consideration, erisa, indemnification/contribution

Lysengen v. Argent Trust Co.
2020 U.S. Dist. LEXIS 205222; 2020 WL 6472637
US
Federal Court
Illinois
United States District Court
N/A
Mihm

Summary

ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.
Lysengen v. Argent Trust Co.
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See Also

ESOP Plaintiff’s Proposed Class Action Alleging Overpayment Survives Motion to Dismiss

ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.