![]() ![]() As recalled in the text of the new ruling, the defendants created an ESOP to which they sold all their shares for $40 million. In this case, the defendants owned all the stock in an engineering firm called Bowers + Kubota Consulting Inc. Such cases arises when the government, via the Department of Labor (DOL)’s Employee Benefit Security Administration (EBSA), alleges purchase price manipulation and other schemes that may benefit corporate leadership and company owners at the expense of employees who collectively enter into an ESOP founding transaction. Writing in the Employee Ownership Blog published by the National Center for Employee Ownership (NCEO), Corey Rosen, NCEO founder and senior staff member, says the ruling represents “one of the most comprehensive rebukes of DOL arguments” in ESOP valuation cases. District Court for the District of Hawaii has issued a decisive ruling in an employee stock ownership plan (ESOP) valuation case known as Walsh v. ![]()
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