ESOP Participants Do Not Have a Right to ESOP Valuation

In another appellate decision (Faircloth v. Lundy Packing Company, 4th Cir., 8/2/96), the U.S. Court of Appeals for the Fourth Circuit ruled that ESOP trustees are not required to provide a copy of the ESOP appraisal to participants who have requested it. The appraisal could become available through discovery in court proceedings, however.