Court Dismisses Lawsuit Over Fiduciary’s Failure to Report Breach of Duty within Statute of Limitations

On September 29, 2025, the U.S. District Court for the Eastern District of North Carolina approved the defendants’ motion for summary judgment and dismissed the plaintiff’s fiduciary breach claims in a case in which the former President of the company and trustee of the company’s ESOP claimed the ESOP’s other fiduciaries breached their duties by allowing the misuse of corporate assets, undervaluing the company’s stock and negatively impacting his ESOP account by not making contributions, in addition to dividend payments, to fund the distribution of terminated participants’ ESOP benefits.