In a win for employees, on June 25, 2014 the United States Supreme Court issued its ruling in the highly anticipated case, Fifth Third Bancorp v. Dudenhoeffer, and rejected the presumption of prudence standard in ESOP stock-drop cases. For years, federal courts have followed a standard of presumption of prudence in ESOP stock-drop cases and ... Read More
Recently the Wall Street Journal featured three articles related to Employee Stock Ownership Plans (ESOP) and valuation practices that put employees’ retirement funds at risk. These articles discuss increased scrutiny by the federal government to ensure that employees are not cheated in their ESOP retirement funds. They also describe the challenges in proper valuation for ... Read More
The California Supreme Court issued its long awaited ruling today in Iskanian v. CLS Transportation holding its prior ruling in Gentry v. Superior Court (2007) 42 Cal.4th 443 (Gentry) has been abrogated by recent United States Supreme Court precedent and that class action waivers in employment arbitration agreements are valid and a state‘s refusal to ... Read More
Today's Wall Street Journal features our recent ESOP case brought on behalf of our client John Vincent and over 200 other former employees of Southern California Pipeline Construction. We were pleased to obtain a successful result for our clients to recover their ESOP retirement benefits. Read the article "U.S. Increases Scrutiny of Employee-Stock-Ownership Plans" to ... Read More
