The lawyer who oversaw an employee stock ownership plan transaction may be personally liable to workers who say they significantly overpaid for their employer’s stock, a federal judge in Virginia ruled (Hugler v. Vinoskey, 2017 BL 145574, W.D. Va., No. 6:16-cv-00062, 5/2/17).
The May 2 decision is a win for the Department of Labor, which sued the entities and individuals connected with a $20.7 million transaction involving the employee stock ownership plan of Sentry Equipment Erectors, a Virginia-based soda equipment manufacturer.
Michael New, a lawyer who approved the deal while working for the plan’s trustee, Evolve Bank & ...
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