Virginia Federal Judge Grants Partial Summary Judgment To ESOP Participant

Mealey's (November 9, 2016, 11:30 AM EST) -- ALEXANDRIA, Va. — A Virginia federal judge on Nov. 3 granted partial summary judgment to an employee stock ownership plan (ESOP) participant on his claim that a trustee violated the Employee Retirement Income Security Act by conducting a transaction with a “party in interest” but said that the holding does not mean defendant Wilmington Trust N.A. is liable because it has properly raised a Section 1108 affirmative defense (Tim P. Brundle, et al. v. Wilmington Trust N.A., No. 1:15-cv-1494, E.D. Va.; 2016 U.S. Dist. LEXIS 152908)....