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The plaintiffs contended the trial court erred in granting two of the defendants motions in limine to exclude evidence of the plaintiff’s damages. The appellate court affirmed

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Walsh v. Bowers

A district court has ruled “decisively” against the Department of Labor (DOL) in an ESOP valuation case, stressing that the DOL failed to follow standard valuation practices.

District Court Rules ‘Decisively’ Against the DOL in an ESOP Overvaluation Case

The Department of Labor sued the defendants, which included two individual owners, Bowers & Kubota Consulting Inc. and the Bowers & Kubota ESOP, alleging that the defendants had violated ERISA laws by manipulating data to induce the ESOP to pay $40 million for the shares of the individual shareholders that the DOL claimed was in excess of the fair market value of the shares. After extensive testimony of valuation experts and analysis of the facts of the case, the court determined that no ERISA violations have been established.

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