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Employee Stock Ownership Plans (ESOPs): Litigation Trends and Hot Button Issues

ABA JOINT COMMITTEE ON EMPLOYEE BENEFITS  • DATE: June 20, 2013
SPONSORS: The Sections of Business Law; Health Law; Labor and Employment Law; Real Property, Trust and Estate Law; Taxation; Tort Trial and Insurance Practice; and the American College of Employee Benefits Counsel

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Untitled Document

A 90-minute TeleConference
THURSDAY, JUNE 20, 2013

1:00-2:30 pm ET / 12:00-1:30 pm CT / 11:00 am-12:30 pm MT / 10:00 am-11:30 am PT

Moderator:
Mary Ellen Signorille, AARP Foundation Litigation, Washington, DC

Panelists:
Timothy D. Hauser, Associate Solicitor, Plan Benefits Security, U.S. Department of Labor, Washington, DC
Karen Handorf, Cohen Milstein, Washington, DC
Chip Brown, Willamette Management Associates, Atlanta, GA
Robert Rachal, Proskauer Rose, New Orleans, LA

There has been a substantial increase in ESOP related litigation driven by a variety of factors including (1) significant decreases in ESOP company stock prices from the recent economic downturn; (2) DOL’s closer scrutiny of ESOPs as part of its national enforcement strategy; and (3) successful outcomes for plaintiffs in a number of DOL suits and class action cases involving ESOPs. Our panel will discuss the recent trends in ESOP litigation, including “hot button” legal, valuation, and fiduciary issues that can come up in DOL audits and litigation matters, such as:

  • Reasonableness of management projections
  • ESOP debt - Face vs FMV
  • Complex transactions, fiduciary duties and fair market values
  • Fairness versus solvency
  • Employment related agreements with sellers
  • Subsequent sales
  • Validity of ESOP indemnification agreements
  • Fair market value and plan restrictions

***Please make checks payable to ABA-JCEB and mail to 740 15th Street, N.W., Washington, DC 20005 (before May 17th) or ABA-JCEB, 1050 Connecticut Avenue, NW, 4th Floor, Washington, DC 20036 (after May 17th)***


   
Employee Stock Ownership Plans (ESOPs): Litigation Trends and Hot Button Issues
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