Employee Benefits, ESOPs & Executive Compensation Law
Former Employee Brings Complaint Against ESOP in Florida December 13, 2018, 6:08 PM
On September 30, 2015, the Raydon Corporation ESOP (the “Raydon ESOP”) purchased 100% of the outstanding shares of Raydon Corporation (“Raydon”), a Florida-based military simulation training contractor, for $60.5 million.
Consent Judgment Entered Into in North Carolina ESOP Case September 20, 2018, 12:00 AM
On May 6, 2011, the Tobacco Rag Processors, Inc. ESOP (the “Tobacco Rag ESOP”) purchased 100% of the outstanding shares of Tobacco Rag Processors, Inc. (“Tobacco Rag”), a North Carolina corporation that manufactures and distributes tobacco for use by manufacturers of cigarettes and cigars.
Court Rules on Motion in Virginia ESOP Case July 16, 2018, 12:00 AM
On July 13, 2018, the Court denied the Secretary of Labor’s motion for reconsideration of the Court’s April 17, 2018 dismissal of Count IV of the Secretary’s January 17, 2017 First Amended Complaint filed in Acosta v. Vinoskey.
Court Rules on Motions in Virginia ESOP Case April 19, 2018, 12:00 AM
On April 17, 2018, the Court ruled on Defendants’ Daubert motions to exclude the Secretary of Labor’s expert’s testimony and the parties’ cross-motions for summary judgment filed in Acosta v. Vinoskey.
Consent Order Entered Into in Virginia ESOP Case October 02, 2017, 12:00 AM
On July 22, 2010, the BAT Masonry Company, Inc. ESOP (the “BAT ESOP”) purchased 100% (123,000) of the outstanding shares of BAT Masonry Company, Inc. (“BAT”), a Virginia corporation focused on masonry and construction work, for approximately $13.5 million.
Consent Order and Judgment Entered Into in New York ESOP Case July 27, 2017, 12:00 AM
On February 12, 2009, the Laser and Skin Surgery Center of New York ESOP (the “LSSCNY ESOP”) purchased 50.06% (i.e., 400,480) of the outstanding shares of the Laser and Skin Surgery Center of New York Management Corp. (“LSSCNY”), a New York corporation that operates a dermatological surgery center, for $24 million.
DOL Brings Complaint Against ESOP in Virginia October 17, 2016, 12:00 AM
In December 2010, the Sentry Equipment Erectors, Inc. ESOP (the “Sentry ESOP”) purchased 51,000 of the outstanding shares of Sentry Equipment Erectors, Inc. (“Sentry”), a Virginia corporation that designs and sells soft drink manufacturing equipment, for $20.7 million, thereby becoming the 100% shareholder of Sentry.
Department of Labor’s New ERISA Fiduciary Rules May Impact Plan Sponsors May 16, 2016, 2:27 PM
The DOL's newly issued rules could impact a variety of retirement plan relationships by making a broad class of investment advisers fiduciaries under ERISA.
Appeals Court Ruling Raises Pension Liability Issues for Private Equity Funds February 05, 2014, 2:26 PM
After years of threats from Congress and tax-reform advocates, private equity fund sponsors have been dealt a potential setback from an unlikely source: The federal 1st Circuit Court of Appeals. The courts recent decision in Sun Capital Partners III, L.P. v. New England Teamsters could make private equity funds liable for their portfolio companies underfunded pension obligations, a potentially massive liability in some transactions that will require careful pre-closing structuring to sidestep. The ruling has also rekindled the debate over the tax treatment of fund sponsors profits, which relies on investor status to achieve favorable capital gains rates on their earnings.
Updated Qualified Retirement Plan Limits For 2014 November 01, 2013, 2:25 PM
The IRS released on October 31st, 2013the updated qualified retirement plan limits for 2014.