The current trustee of an embroidery company’s employee stock ownership plan can continue with his lawsuit alleging the ESOP’s former trustee breached his fiduciary duties by inflating the price of company stock during transactions to sell company stock to the ESOP, the U.S. District Court for the District of Minnesota ruled June 6 (Christopher v. Hanson, D. Minn., 09-3703 (JNE/JJK), 6/6/11).
In so ruling, Judge Joan N. Ericksen said a reasonable jury could find that the former trustee manipulated appraisals of the company stock by not informing the appraiser about a former failed attempt to sell the ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.