ESOP conference addresses whether appraiser may be a fiduciary
At The ESOP Association's Valuation Advisory Committee meeting May 14, Jared Kaplan , a well-known ESOP attorney with McDermott, Will & Emery , said, "If you are a financial advisor to a fiduc ...
ESOP Forms in Contention While Stock Value Plunges
The Food for Less ESOP provides for annual valuation of the stock, or more, often if the committee believes the value of the stock has changed substantially.
9th Circuit Denies PA&E Case Rehearing
In our December issue (pp. 11-12), we reported that the 9th Circuit reversed the District Court in Newman Howard v. Edward A. Shay and that defendants had filed a petition for rehearing by the 9th Circuit en banc.
Howard v. Shay (Supreme Court)
Petition for a writ of certiorari from Ninth Circuit opinion to U.S.Supreme Court is denied.
Mitchell v. Falley's
One issue in this case is whether the defendant's ESOP was required to pay plaintiffs based upon the December 31, 1991 valuation as opposed to a subsequent valuation date.
More Court Cases … ESOP: Faircloth
The court found that Lundy Packing Co., the ESOP administrator and trustee, were not required to disclose the ESOP appraisal report, despite it being requested by the participants.
Faircloth v. Lundy Packing
At issue is whether the appellee, an ESOP administrator, should have furnished certain documents to the appellants, three participants in the ESOP.
Howard v. Shay (District Court)
At issue is breach of ESOP fiduciary duties.
Reich v. Valley National Bank of Arizona
This is an action brought by the Secretary of Labor against Valley National Bank of Arizona (Valley) and others for breach of fiduciary duty in connection with an ESOP.
Las Vegas Dodge v. United States
Issue was the value of stock contributed to a trust taken as income tax deductions.
Foltz v. U.S. News & World Report
At issue is the undervaluation of plaintiff's interest in the defendant company at retirement.
Richardson v. Richardson
At issue is whether an unexercised stock option is marital property.