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DOL Obtains $80 Million for Participants in Sherwin-Williams Employee Stock Purchase and Savings Plan
Employee Benefits Security Administration [EBSA], U.S. Department of Labor [DOL] Feb. 21, 2013
"The department's investigation focused on two transactions, one in 2003 and one in 2006, in which Sherwin-Williams and GreatBanc caused the plan to purchase specially designed stock issued by Sherwin-Williams solely for the purpose of the transactions. The investigation also looked at whether Sherwin-Williams had forwarded employee salary deferrals appropriately and promptly to their individual plan accounts.... [T]he department concluded that ... the stock purchases did not provide benefits to the plan and its participants commensurate with the amount the plan paid for the stock, the transactions were not primarily for the purpose of providing benefits to plan participants, the transactions did not promote employee ownership of Sherwin-Williams and, at times, employee salary deferrals were not appropriately paid to the plan."
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