ERISA / ESOP Fraud

In 2012 Donahoo & Associates recovered $5.125 million on behalf of 198 former employees of a construction company who were participants in an Employee Stock Ownership Plan (“ESOP”). The workers alleged that the construction company had inflated the value of the company in connection with the sale of the company to the ESOP. The wrongdoing was uncovered by Donahoo & Associates while litigating employment claims for individual employees employed on a public work. The workers filed a federal case against the trustees in the ESOP transaction for breach of fiduciary duties in violation of the Employee Retirement Income Security Act (ERISA) a federal law that sets minimum standards for pension plans in private industry. ERISA gives participants the right to sue for benefits and breaches of fiduciary duty.

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