Stay informed on the latest legal developments impacting employee ownership. This page provides timely and concise summaries of key cases and rulings, contributed by experienced attorneys, to help the entire employee ownership community understand their implications, and also offers access to NCEO's archive of prior content.
Matthew Goedert
Taylor v. BDO U.S., P.C., Civil Action 25-10128 (D. Mass. Aug 21, 2025)
In Taylor v. BDO USA, P.C., plaintiff Tristin Taylor, a participant in the BDO USA Employee Stock Ownership Plan (ESOP), brought a putative class action under ERISA alleging that defendants breached their fiduciary duties when the ESOP allegedly overpaid for BDO stock.
Christopher Wingard
Bowers + Kubota v. Hansen, No. 1CCV-24-0000446 (KTM) (D.C. Haw., June 10, 2025)
A district judge granted summary judgment for attorney Greg Hansen in the valuation case involving Bowers and Kubota, a Hawaii architecture firm (the “company”).
Rick Pearl
Szalanski v. Arnold, et al., 2025 WL 1726222 (W.D. Wis., June 20, 2025)
On June 20, 2025, a federal district court in Wisconsin dismissed an employee’s lawsuit challenging the sale of PDQ, a partially ESOP-owned company, to a third party buyer.
Rick Pearl
Su v. Bensen, No. CV-19-03178-PHX-ROS, 2025 WL 1634940 (D. Ariz. June 9, 2025)
In August of 2024, a federal district court entered judgment in the Department of Labor’s (DOL) favor and against certain defendants in a case involving RVR, Inc., d/b/a Cruise America, and the RVR Inc. Employee Stock Ownership Plan (ESOP). The judge determined that the $105 million ESOP transaction was overvalued by $72 million.
Lauren Wood
Lloyd v. Argent Trust, No. 1:22-cv-04129-DLC (S.D. NY, July 10, 2025)
On July 10, 2025, the United States District Court for the Southern District of New York allowed plaintiffs to amend their original complaint to add the trustees and beneficiaries of two trusts as defendants. These trusts received proceeds from a 2016 sale to the WBBQ Employee Stock Ownership Plan (ESOP), which is the subject of the plaintiffs’ suit. The newly added trusts are now possible sources of recovery for the plaintiffs.
Christopher Wingard
MacTaggert v. Professional Fiduciary Servs., LLC, No. 22-cv-371-wmc, (W.D. Wis. June 18, 2025)
On June 18, 2025, the U.S. District Court for the Western District of Wisconsin dismissed a class action lawsuit brought by Scott MacTaggert, a participant in the Extreme Engineering Solutions, Inc. ESOP.
Christopher Wingard
Tufano, et al. v. Pride Mobility Products Corp., et. al., No. 3:24-cv-00765-KMA (M.D. Penn, June 17, 2025)
On June 17, 2025, the United States District Court for the Middle District of Pennsylvania approved a class action settlement in Tufano v. Pride Mobility.
James G. Steiker
Chea v. Lite Star ESOP Committee, No. 1:23-cv-00647-JLT-SAB (E.D. Cal., August 19, 2025)
Griffin O'Gara
Henry v. Wilmington Trust et al., C.A. No.19-1925-JLH (D.C. Del. May 6, 2025)
A lawsuit alleging fiduciary breaches in connection with a 2016 ESOP transaction involving BSC Ventures Holdings, Inc. has reached a $8 million settlement.
Christopher Wingard
Imber v. Lackey et al., No.1:22-cv-00004-HBK (D.C. Calif. May 21, 2025)
A lawsuit alleging fiduciary breaches in connection with a 2018 ESOP transaction involving Ritchie Trucking Service Holdings, Inc. has reached a $1.85 million settlement.
