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District Court: Suspension of ESOP Diversification Elections Pending Interim Stock Valuation Was Arbitrary and Capricious
U.S. District Court for the Middle District of Alabama Link to more items from this source
Sept. 18, 2017

"[T]he Plan could have made an exception for an alternative valuation date or other contingency plan in unexpected times of financial stress, but it did not.... [T]he terms governing the timing of the valuation of Bankshares's stock for purposes of ascertaining the fair market value of the stock and the individual ESOP accounts are clear, mandatory, and permit no exception. This court ... cannot rewrite the requirements of the Plan to alleviate the adverse consequences to Bankshares as a result of its allocation of risk." [Bryant v. Community Bankshares Inc., No. 14-1074 (M.D. Ala. Sept. 12, 2017)]

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