Stay informed on the latest legal developments impacting employee ownership with timely and concise summaries of key cases and rulings. Learn more about this digest »
Corey Rosen
In Robertson v. Argent Tr. Co., No. CV-21-01711-PHX-DWL (D. Ariz. Jul. 27, 2022), a district court ruled that an arbitration clause in the plan document applies and dismissed the case against the ESOP trustee, Argent Trust.
Corey Rosen
In Burke v. Boeing, No. 20-3389 (7th Cir., Aug. 8, 2022), the 7th Circuit agreed with the lower court that Boeing defendants could designate an outside fiduciary with responsibility for the management of plan assets in the company’s 401(k)/ESOP. Plaintiffs alleged that the stock price drop caused by the 737 Max problem should have led to changes in the plan’s investment options, one of which allowed them to buy Boeing shares.
Corey Rosen
In Szalanski, Brenda v. Arnold, Mike et al., No. 3:2019cv00940 - Document 47 (W.D. Wis. 2022), a court ruled in favor of defendants in the sale of PDQ to Kwik Trip.
Corey Rosen
The Department of Labor has filed an amicus brief in Cedeno v. Argent Tr. Co., No. 20-CV-9987 (JGK), (S.D.N.Y. Nov. 2, 2021).
Corey Rosen
In Godfrey v. GreatBanc et al., No. 18 C 7918 (N.D. Ill., May 24, 2022) plaintiffs and defendants have reached a settlement agreement for $16.5 million.
Corey Rosen
After a prolonged process, the Senate is poised to approve President Biden’s nominee to be the head of the Department of Labor’s Employee Benefit Security Administration.
Corey Rosen
In the June 3, 2022, issue of the IRS Employee Plans News, the IRS announced a pre-examination retirement plan pilot compliance program that allows plan sponsors to voluntarily correct any errors prior to an audit.
Corey Rosen
In Threadford, et al. v. Horizon Trust & Investment Management, et al. (Case No. 20-cv-00750 (W.D. Okla., May 18, 2022) a district court approved a $2.1 million settlement between Horizon Trust and two of McKinney Communication Company’s founders and the plaintiffs, who represented 309 ESOP participants.
Corey Rosen
n Snider v. Administrative Committee Seventy Seven Energy Retirement Plan, Cov29-977-D (W.D. Okla., May 21, 2022), a district court approved a $15 million settlement for 4,000 employees covered by a 401(k) plan at Seventy Seven Energy that had invested in the stock of Chesapeake Energy, Seventy Seven Energy’s previous parent.
Corey Rosen
Gamino v. KPC Healthcare lets ESOP employees proceed with an overvaluation lawsuit, allowing class claims and challenging trustee and advisor conduct.
