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DOL sues to recover losses to employee stock ownership plan

Daily newsbrief journal for November 2012, also see http://www.usdemocrats.com/brief for a global compendium library and follow twitter @usdemocrats


DOL sues to recover losses to employee stock ownership plan

Postby admin » Fri Nov 30, 2012 10:56 am

DOL sues to recover losses to employee stock ownership plan of Maran Inc.
11/29/2012 11:00 AM EST

The U.S. Department of Labor has filed a lawsuit to recover losses suffered by participants in the Maran Inc. Employee Stock Ownership Plan after the plan was allowed to purchase overvalued company stock. The suit names as a defendant First Bankers Trust Services Inc., which was hired as an independent fiduciary and trustee in connection with the company’s ESOP to determine whether, and at what price, to purchase shares of Maran Inc. from majority shareholders. The ESOP is also a defendant.
http://links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTIxMTMwLjEyNzY1MTQxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEyMTEzMC4xMjc2NTE0MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3MjkxNTk2JmVtYWlsaWQ9amltdGFrZWRhQGdtYWlsLmNvbSZ1c2VyaWQ9amltdGFrZWRhQGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&104&&&http://www.dol.gov/opa/media/press/ebsa/EBSA20122341.htm
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