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A Lesson in ESOP Transactions: Don't Ignore Red Flags
Drinker Biddle 
Sept. 25, 2019 "Fiduciaries need to act in the sole interest of participants. In this case, the independent fiduciary testified that he wanted a fair price for both the founder and the ESOP. It is not a duty of the independent fiduciary to be fair to the founder (or seller).... Fiduciaries need to review the work product of third-party 'experts' and ask questions when something does not make sense." [Pizzella v. Vinoskey, No. 16-062 (W.D. Va. Aug. 2, 2019)] MORE >> |
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