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Amid Crackdown, Some Companies Rethink How to Sell Stock to ESOPs
The Wall Street Journal; subscription may be required Nov. 19, 2014
"Some business owners are rethinking how -- and on what terms -- they will sell their firms to employee stock ownership plans in the wake of a [DOL] crackdown on inflated valuations that could jeopardize worker savings.... In June the [DOL] reached a landmark $5.3 million settlement with GreatBanc Trust Co., a ... trustee for more than 200 such plans, including many for small businesses.... [T]he settlement led to tougher scrutiny of potential conflicts of interest on the part of valuation firms and trustees."
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