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What the DOL v. GreatBanc Trust Co. ESOP Court Settlement Means for ESOPs

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This replay was recorded on March 10, 2015.

About This Meeting

In 2014, the Department of Labor and GreatBanc Trust agreed to a settlement in an ESOP lawsuit that laid out best practices for the bank to follow as an ESOP trustee in selecting, evaluating, and documenting the appraisal process. While binding only on GreatBanc, many experts believe the guidelines are worth following for other ESOP fiduciaries.


Theodore M. Becker

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Drinker, Biddle & Reath LLP

Ted is a partner at Drinker Biddle & Reath LLP, and is chair of the firm's national employee benefits and ERISA litigation practice. He has special expertise relating to ESOPs and has defended some of the highest-profile lawsuits involving such plans. He represents ERISA and ESOP plan sponsor companies, their directors and officers, plan fiduciaries, administrators, investment advisors, and other service providers in a wide variety of matters.

Loren Rodgers

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National Center for Employee Ownership

Loren joined the NCEO in 2005 and became its executive director in 2010. He writes extensively on employee ownership and has spoken at events around the world. Since entering the field in 1995 as a consultant, he has worked with hundreds of companies. His expertise includes ESOPs, equity compensation, best practices for employee ownership companies, research, effective communications, employee motivation, corporate governance, ESOP transactions and operations, and business literacy.