Scalia v. Farmers National Bank of Danville & Weddle Bros. Const. Co.

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February 28, 2020

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1542 General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses
236220 Commercial and Institutional Building Construction
ESOP valuations
discount for lack of control (DLOC), breach of fiduciary duty, fair market value (FMV), controlling shareholder, projections, employee stock ownership plan (ESOP), stock valuation, indemnification/contribution
Scalia v. Farmers National Bank of Danville & Weddle Bros. Const. Co.
2020 U.S. Dist. LEXIS 40443
US
Federal Court
Indiana
United States District Court
N/A
N/A

Summary

Under new processing agreement between DOL and specific ESOP trustee, trustee is bound by strict rules on how to handle controlling-interest acquisitions and indemnification issues; trustee must ensure ESOP plan acquires a series of specified rights before approving payment of a control premium.
Scalia v Farmers Nat'l Bank
PDF, Size: 350 KB

See Also

DOL Processing Agreement Contains Stringent Rules on Controlling Interest Transactions, Indemnification

Court Case Digests
February 28, 2020

Under new processing agreement between DOL and specific ESOP trustee, trustee is bound by strict rules on how to handle controlling-interest acquisitions and indemnification issues; trustee must ensure ESOP plan acquires a series of specified rights before approving payment of a control premium.