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Feds Win $6.5 Million Judgment in Employee Stock Battle

Aug. 5, 2019, 3:03 PM

The Labor Department won a $6.5 million judgment in a lawsuit claiming employees of a soft drink equipment company were forced to significantly overpay for the stock of their employer.

Evolve Bank and Trust and Adam Vinoskey, the chief executive of Sentry Equipment Erectors Inc., are liable for orchestrating a transaction in which Sentry’s employee stock ownership plan paid nearly $21 million for Vinoskey’s stock, Senior Judge Norman K. Moon of the U.S. District Court for the Western District of Virginia ruled. The DOL said the defendants’ breaches caused the plan to overpay by about $11.5 million, but Moon found ...

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