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Employer and President/Trustee Hit With $14 Million in Damages for ESOP-Related ERISA Violations
Seyfarth Shaw 
June 11, 2013 "The controversy arose from a complex leveraged buyout orchestrated by Alliance Holdings and [its president, David Fenkell, who also served as a trustee of the Alliance Holdings ESOP]. Alliance specialized in purchasing companies with ESOPs, merging these ESOPs into an Alliance ESOP, and then selling the companies for a profit.... Soon after the transaction, the value of ... stock [in Trachte, a company acquired by Alliance,] dropped and so did the account balances of [Trachte ESOP] plan participants." MORE >> |
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