Georgia Federal Judge Allows Some ESOP Claims To Proceed

(September 13, 2016, 9:57 AM EDT) -- AUGUSTA, Ga. — A Georgia federal judge on Aug. 26 held that a plaintiff has stated a claim for breach of the fiduciary duty of prudence in a case in which she alleges that her employer’s employee stock ownership plan (ESOP) imprudently continued to invest in company stock, the value of which dropped significantly (Carrie Brannen, et al. v. First Citizens Bankshares Inc. Employee Stock Ownership Plan with 401(k) Provisions, et al., No. 6:15-cv-30, S.D. Ga.; 2016 U.S. Dist. LEXIS 114775).

(Opinion available. Document #54-160914-090Z.)...
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