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Greenline Wealth Management
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New York Bank Sued by DOL to Recover Losses to ESOP for Which Bank Was Trustee
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Sept. 17, 1999 "The [DOL]'s suit alleges that the fair market value of the ESOP's stock shares was understated by the appraisal firm and that the [Marine Midland Bank, the defendant Trustee] caused or permitted the plan to enter into the transaction without performing a prudent investigation into the value of the stock. Allegedly, this resulted in the Trustee causing or permitting the ESOP to accept a price per share for the purchase of the stock which did not represent adequate consideration as defined in [ERISA]." |
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