Summary
In the last several weeks, the ESOP community has been given a couple of morsels to chew on that have the community buzzing like a bad transformer on an active power-line. We are, of course, talking about a pair of legal events related to fiduciary responsibility. The Supreme Court Ruling in the Fifth Third Bank ‘stock drop’ case, and a publicly released settlement agreement reached between the Department of Labor (DOL) and Greatbanc Trust Company in a case in which it was being alleged that the ESOP had overpaid for stock.
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