New owners who bought an ESOP company cannot sue on behalf of plan

In Arborwell v. Alerus Financial, No. 4:23-cv-02770-DMR (N.D. Cal. June 24, 2024), a district court dismissed an unusual lawsuit against ESOP trustee Alerus Financial over the sale of Arborwell and its parent company SavATree to CI Quercus.

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