In a closely watched ERISA case, the United States District Court for the District of Colorado has issued an order affirming the Magistrate Judge’s ruling in Harrison v. Envision Management Holding, Inc. Board of Directors et al (Case No. 21-cv-00304), concerning the discoverability of Department of Labor (“DOL”) interview reports plaintiffs had obtained under a
Recent Decision Places Spotlight on Coordination Between DOL and Plaintiffs’ Firms
Defending ERISA claims against an enterprising plaintiffs’ bar is challenging enough. That task becomes even more challenging when the Department of Labor (“DOL”) is working behind the scenes to support private-sector litigants. For example, the DOL has the power to issue subpoenas for documents
Employee stock ownership plans (“ESOPs”) are a valuable tool for businesses to create a succession plan and provide retirement benefits to employees by having employees purchase employer stock. Although self-interested transactions are generally prohibited under the Employee Retirement Income Security Act of 1974 (“ERISA”), ESOPs are encouraged under ERISA despite the fact that the plans
The Department of Labor (DOL) has made it no secret that it actively engages in enforcement activities against employee stock ownership plans (ESOPs) with a particular focus on the valuation of the stock of privately held companies that is held or bought by the ESOP.[1] The valuation of the company stock is