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DOL Sues ESOP Trustee Over Stock Purchase, Alleges Trustee Paid Too Much
PLANSPONSOR; free registration may be required Link to more items from this source
Mar. 5, 2010
Excerpt: [T]he lawsuit alleges that [the ESOP plan's] trustee ... caused the ESOP to purchase 40,000 shares of non-voting convertible preferred company stock for $4 million on the basis of valuation reports and fairness opinions he knew or should have known were flawed.... [T]he company ceased operations and preferred stock purchased by the ESOP 21 months earlier became worthless, according to the news release.

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