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Actions for ESOP Fiduciaries in the Wake of Supreme Court's Dudenhoeffer Decision (PDF)
Wilkins Finston Law Group LLP Link to more items from this source
June 30, 2014
"ESOP fiduciaries should obtain ERISA fiduciary training, to understand their responsibilities and the duty of prudence.... Monitor ongoing developments, especially as Congress may consider legislation to support employee stock ownership in privately held companies.... A written investment policy statement for the ESOP should be adopted ... [which] should describe the role of the fiduciaries, the role of the Board of Directors, and ... what alternative courses of action are available to the fiduciaries.... ESOP fiduciaries who 'wear two hats,' also serving as officers, employees or directors of the ESOP sponsor, should consider engaging an independent fiduciary." [Fifth Third Bancorp v. Dudenhoeffer, No. 12-751 (U.S. June 25, 2014)]

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