DOL sues to recover losses to employee stock ownership plan
Posted: Fri Nov 30, 2012 10:56 amDOL 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
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