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A Lesson in ESOP Transactions: Don't Ignore Red Flags
Drinker Biddle Link to more items from this source
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)]

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