Holden Industries Inc. didn’t violate federal law by denying $36,651 in additional benefits to a participant in the manufacturing company’s employee stock ownership plan (Lee v. Holden Indus., Inc., 2016 BL 386285, N.D. Ill., 1:15-cv-06405, 11/21/16).
Judge John Robert Blakey of the U.S. District Court for the Northern District of Illinois granted summary judgment to Holden Industries Nov. 21, finding the company’s decision to deny the participant’s request for additional benefits was based on a reasonable explanation of the plan. Holden Industries didn’t make any oral misstatements or mischaracterizations regarding the terms of the ESOP, and thus ...
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