Montgomery v. Aetna Plywood

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July 16, 1998

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2436 Softwood Veneer and Plywood
321212 Softwood Veneer and Plywood Manufacturing
breach of fiduciary duty
breach of fiduciary duty, fair market value (FMV), burden of proof, employee stock ownership plan (ESOP), adequate consideration, erisa
Montgomery v. Aetna Plywood
39 F. Supp. 2d 915,1998 U.S. Dist. LEXIS 20618
US
Federal Court
Illinois
United States District Court
Timothy Fagan (for defendant) Brad Akason (for plaintiff)
Hart, William

Summary

At issue is the valuation of ESOP shares at the time of a stock transaction.

See Also

No Independent Appraiser Sought: ESOP Fiduciaries Clearly Liable for Breach

Legal and Court Case Update
July 16, 1998

This case involves the sale of the controlling block of stock of Aetna Plywood Inc. held by the company's employee stock ownership plan (ESOP) to the company in a leveraged buyout.