ESOPs are complicated and it is inevitable that some companies will make mistakes. Finding and correcting those mistakes yourself can save time and trouble, and the experts in this webinar will help you prevent any audits from becoming complicated, to find errors, and to decide the best way to address those errors yourself before the regulators get involved.
ESOPs benefit employees, sellers, and the organization's bottom line - in most companies. From time to time, mistakes with an ESOP have caused legal problems for the company, personal loss to plan fiduciaries, and damaged morale. This session will cover a variety of "anti-case studies" and discuss different ways companies can avoid problems before they arise.
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.