March 4, 2019

DOL Files Amicus Brief in Support of Lifetouch Plaintiffs

Executive Director

In Vigeant v. Meeks, participants in the Lifetouch ESOP are suing over the valuation of Lifetouch shares. On February 27, the Department of Labor filed a brief in support of the plaintiffs. The brief argues, in part, that reviewing the annual stock appraisal is not on its own sufficient for trustees to fulfill their duty to monitor the plan's investments, and also disputes the heightened pleading standard the judge applied. The suit was dismissed by the Minnesota district court, and the plaintiffs are appealing that dismissal to the 8th Circuit Court.