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Employee Ownership Legal Digest
Christopher Wingard

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Chris is an associate in Kleinbard’s Business & Finance Practice. He advises corporations, shareholders, directors and employee stock ownership plan (ESOP) trustees on a wide variety of ESOP-related issues. He provides guidance regarding corporate governance, business succession planning, ESOP plan design and ongoing ESOP compliance. He has experience representing middle market corporate clients across a wide range of industries, including engineering, manufacturing, construction and professional services. Prior to joining Kleinbard, Chris was an associate in an ESOP legal practice based in the greater Philadelphia area. Chris is a graduate of Boston University, where he earned his JD and MBA, with honors. During his time in law school, he also counseled startups from BU and MIT on various corporate and IP matters.

Christopher Wingard

Court Allows Certain Claims to Proceed in ESOP Lawsuit Against Alerus Financial

Dalton et al. v. Freeman et al., No. 2:22-cv-00847-DJC (E.D. Cal.)

The U.S. District Court for the Eastern District of California has partially denied Alerus Financial N.A.’s motion to dismiss plaintiffs’ First Amended Complaint alleging fiduciary breaches in connection with a series of ESOP transactions.


Christopher Wingard

Tentative Settlement Reached in Davis v. United Bank Corp.

Davis v. United Bank Corporation Retirement Plan Committee, No. 5:24-cv-00328-MTT (M.D. Ga. Sep 23, 2025)

United Bank Corporation has reached a tentative $2 million settlement to resolve a class action lawsuit brought by former employees claiming ERISA violations related to the forced liquidation of ESOP shares into cash at an allegedly improper price.


Christopher Wingard

Court Grants Summary Judgment for Defendant in ESOP Legal Malpractice Case

Bowers + Kubota Consulting, Inc. v. Hansen Et Al., No. 1CCV-240000446 (KTM) (D.C. Haw., June 10, 2025)

Bowers + Kubota Consulting, Inc. v. Hansen Et Al., No. 1CCV-240000446 (KTM) (D.C. Haw., September 23, 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”).


Christopher Wingard

Federal Court Dismisses ESOP Valuation Lawsuit for Lack of Standing, Allows Amended Complaint

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.