It's a New World for ESOPs: The DOL/Great Banc Fiduciary Process Agreement and Recent Court Decisions
1 PM EDT
There has been a substantial increase in ESOP-related litigation driven by the fallout from the Great Recession, the U.S. Department of Labor’s closer scrutiny of ESOPs as part of its national enforcement strategy, and successful outcomes for plaintiffs in several ESOP cases. This panel will cover the recent hot ESOP-related topics including: the DOL/Great-Banc fiduciary process agreement; the reasonableness of management projections and other valuation issues currently being litigated. The panel will also discuss the recent rulings in Dudenhoeffer v. Fifth Third and Tatum v. RJR Pension Investment Committee in relation to their potential impact on fiduciary duties for closely-held ESOPs.
Robert Rachal, Proskauer Rose, LLP, New Orleans, LA
Theodore M. Becker, Drinker Biddle & Reath LLP, Chicago, IL
Jeffrey M. Hahn, Trial Attorney, Office of the Solicitor, U.S. Department of Labor, Washington, DC
Frank (“Chip”) Brown, Willamette Management Associates, Atlanta, GA
Karen Handorf, Cohen Milstein, Washington, DC