DOL Secures $15 Million in Relief for Dallas BBQ ESOP in Consent Order
On December 19, 2024, former Secretary of Labor, Julie A. Su, filed an action in the US District Court for the Southern District of New York. The case concerned a 2016 ESOP transaction where the W BBQ Holdings, Inc. ESOP (the “ESOP”) purchased 400,000 shares, worth an 80% stake in the company, financed with $92 million in seller debt to Herbert Wetanson, Gregor Wetanson, Stuart Wetanson and Joseph Shpigel.
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