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ESOP Plaintiff’s Proposed Class Action Alleging Overpayment Survives Motion to Dismiss

ESOP plaintiff’s proposed class action against trustee and selling shareholders survives motion to dismiss; court says complaint gave enough facts to support claims of overpayment and breach of fiduciary duty; defendant must show disputed transaction falls into adequate consideration exemption.

Control Discounts and Premiums - What is Old and What is New

Where do they come from? Do they even exist? Should I fear using them? No, this October event doesn’t delve into the supernatural but rather attempts to demystify the methods and resources available to quantify control discounts and/or premiums. Join Jim Ewart and Jim Alerding to learn what is new, what is old, and what matters. Learn the sources, context, and usefulness of control premiums and discounts, and the best practices for determining what they ...

ASA, supporting Vinoskey ESOP appeal, aims to correct BV ‘misstatements’

The ASA recently filed an amicus brief in support of the Vinoskey appeal, in which it claims the district court, in ruling against the ESOP trustee and the owner and selling shareholder, Adam Vinoskey, made numerous valuation-related misstatements that required correction.

Defendant in Vinoskey ESOP case files appeal with 4th Circuit

In the contentious Vinoskey ESOP case, one of the defendants, the owner and selling shareholder, Adam Vinoskey, recently appealed the district court’s finding that he was liable for knowingly participating in the trustee defendant’s ERISA violations and was a co-fiduciary for the trustee’s breaches of fiduciary duties.

BVU News and Trends September 2020

A monthly roundup of key developments of interest to business valuation experts.

Latest Study Available for the Empirical Method for Determining DLOM

The 2020 Discount for Lack of Marketability (DLOM) Study, recently released by Partnership Profiles, offers objective rate of return measures to implement the Johnson/Park empirical method. This method uses three approaches to measure the increase in return required to compensate investors for the lack of marketability of a subject interest.

RVNB class action alleging breach of fiduciary duty by ESOP trustee hurtles toward final settlement

ESOP litigation watchers can add one more case to the number of actions that recently have been resolved.

BVU News and Trends August 2020

A monthly roundup of key developments of interest to business valuation experts.

Flaws in North Carolina Court’s Appraisal of Reynolds American

The wrong valuation date, a faulty reliance on other cases and the disregard of projections highlight the court’s opinion in a shareholder dissent case involving two tobacco giants.

Plaintiffs in Rainbow ESOP class action ready to settle case

Last week, we reported on the resolution of two major ESOP litigations.

ESOP litigants play by their own valuation rules, speakers say

Imagine if you were playing on a baseball team and the opposing players argue that you are violating the rules of soccer.

Appeal in Lee ESOP case dismissed; ESOP class action also close to resolution

The last few weeks have seen the end of two ESOP litigations that have drawn a lot of attention from the ESOP community.

Pandemic, ESOP Woes, Fair Value, Crypto, and Fraud at NYSSCPA Conference

The 2020 conference season is underway, and Business Valuation Update was on the scene—virtually, of course—for the New York State Society of CPAs Business Valuation/Litigation Services Conference webcast live from New York City May 18.

BVU News and Trends July 2020

A monthly roundup of key developments of interest to business valuation experts.

New version of ‘Stout Restricted Stock Study Companion Guide’ now available

The most widely used restricted stock transaction database for providing empirical support for a discount for lack of marketability (DLOM) is the Stout Restricted Stock Study (formerly FMV Opinions).

How much less is a minority share worth now?

HMRC changes have increased the difficulty of providing support for rates of return for illiquid and difficult-to-market minority shares.

Court Finds ESOP Trustee’s Insurance Excludes Coverage for Defense Against DOL’s ERISA Claims

In bifurcated ESOP litigation centering on ERISA violations, court finds trustee defendants’ professional liability policy expressly excluded coverage for ERISA claims; under language of policy, insurer is not required to defend or indemnify trustee defendants fighting DOL’s ERISA allegations.

Gemini Ins. Co. v. Potts

In bifurcated ESOP litigation centering on ERISA violations, court finds trustee defendants’ professional liability policy expressly excluded coverage for ERISA claims; under language of policy, insurer is not required to defend or indemnify trustee defendants fighting DOL’s ERISA allegations.

Class-Action Litigation Involving ERISA/ESOP Valuation Issues

Join James F. Joyner and attorney Richard Pearl for unique insight into ESOPs and valuation principles. The general trend in ESOP transactions and valuation has been to acquiesce to fundamental changes because of the threat of litigation, even though ERISA or valuation principles do not require changes. Many defendants have been unable to adequately educate courts on some key issues. Get both the valuation and attorney perspective on how to address these issues.

ESOP Case Appeal Stokes Controversy Over DOL Valuations

A series of court cases have generated controversy over the tactics and valuation methods the Department of Labor (DOL) has been using, including claims that the DOL has improperly redefined the term “fair market value,” does not follow generally accepted valuation principles nor standards, and continually uses an expert the valuation community deems “unqualified.”

2020 Johnson/Park DLOM study is now available

The Johnson/Park empirical method to estimate a discount for lack of marketability (DLOM) is the third most popular method business appraisers use for this purpose, according to a BVR survey.

North Carolina court looks to deal price for fair value in tobacco merger

The importance of Delaware appraisal jurisprudence beyond state borders was on display in a recent fair value decision out of North Carolina related to a merger involving the tobacco giant Reynolds.

NCEO amicus brief supporting dismissal of case details benefits from ESOP participation

The National Center for Employee Ownership (NCEO) also filed an amicus brief in which it supports the dismissal of the Lee case that is currently on appeal with the 4th Circuit.

ASA files amicus brief in Lee case, discussing FMV concerns in ESOP litigation

Responding to the appeal in the Lee case, the American Society of Appraisers recently filed an amicus brief supporting the dismissal of the case.

Takeaways from the NYSSCPA BV/Litigation conference

Conference season is here but, of course, in virtual form due to the pandemic.

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