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Feds Sue Professional Fiduciary Services Over $26.7 Million Deal

Aug. 22, 2019, 7:34 PM

Wisconsin-based Professional Fiduciary Services LLC is in the crosshairs of a new U.S. Labor Department lawsuit challenging a $26.7 million stock deal between a construction industry reference company and the company’s employee stock ownership plan.

Professional Fiduciary used its position as trustee for the Contractors Register Inc. stock plan to negotiate a 2012 deal in which the plan participants paid “far more than market value” for stock owned by the company’s chief executive officer, the DOL said in an Aug. 22 complaint filed in the U.S. District Court for the Southern District of New York.

The DOL says Professional Fiduciary...

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