The plaintiff in Lee v. Argent Trust Co. filed an appeal with the United States Court of Appeals for the Fourth Circuit after the district court dismissed the complaint. In the Fourth Circuit, McDermott, Will & Emery LLP filed an amicus curiae brief on behalf of the American Society of Appraisers (“ASA”) and made several novel arguments supported by extensive Congressional materials. The ASA’s brief provides the Court with ERISA legislative history and other Congressional materials, and argues that the materials directly contradict many widespread misunderstandings about ESOPs and ESOP trustee fiduciary obligations. The ASA’s brief also explains that many plaintiffs, and some courts, have assessed “investment value” instead of “fair market value,” and that plaintiffs have led courts into error concerning the nature of a fair market value appraisal.
Join members of the McDermott Will & Emery ESOP Litigation team for a discussion of the amicus brief.