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|DOL Settles ESOP Case Alleging Undervaluation When Distributions Made|
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL]
Oct. 1, 2002
Press release. Excerpt: A lawsuit filed in federal district court here by the U.S. Department of Labor's against the Dayton, Kentucky-based RADAC Corp. and company officials has been resolved in the department's favor.... According to the department's suit, RADAC Corp. and company officials terminated the ESOP and distributed plan assets to participants other than themselves using an independent appraisal that allegedly valued RADAC stock held by the plan at less than its fair market value.
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