No Evidence That Board's Financial Advisor Was Fiduciary to ESOP

Business Valuation UpdateVol. 9 No. 3
Legal and Court Case Update
March 2003
5961 Catalog and Mail-Order Houses
454110 Electronic Shopping and Mail-Order Houses
shareholder dispute, fair market value (FMV), fairness opinion, employee stock ownership plan (ESOP), adequate consideration, erisa

Keach v. U.S. Trust Co.
2005 U.S. App. LEXIS 17355
August 17, 2005
Federal Court
7th Circuit
United States Court of Appeals
Houlihan Lokey Howard & Zukin (ESOP)


This was a motion for summary judgment in connection with an action for breach of fiduciary duty to the employee stock ownership plan (ESOP) of F&G company.

See Also

Keach v. U.S. Trust Co.

In assessing fair value and adequate consideration of ESOP transaction, Court considers whether appraiser should have reasonable foreseen future events effecting stock and company value.