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 Catalfamo v. Sears Holdings Corp. No. 1:17-cv-05230, (N.D. Ill., order granting defendants’ motion to dismiss 8/21/18) a district court ruled that Sears and its top executives did not violate ERISA by allowing company stock to remain in the 401(k) plan despite a 76.3% decline in stock value.
Corey Rosen
In Brown v. Wilmington Tr., N.A., No. 3:17-cv-00250 (S.D. Ohio, order denying defendant’s motion to compel arbitration 7/24/18), a district court ruled that a former employee cannot be forced to go through an arbitration clause regarding her ESOP account.
Corey Rosen
In Acosta v. Reliance Trust Co., Inc., E.D.N.C., No. 5:17-cv-00214-D, consent judgment 9/18/18, Reliance Trust agreed to pay $4.5 million to settle a DOL lawsuit that alleged the investment banking firm caused the ESOP at Tobacco Rag Processors, Inc. to overpay for company stock.
