4th Circuit Affirms ESOP Trustee Violated Fiduciary Duty Under ERISA

Mealey's (March 25, 2019, 11:28 AM EDT) -- RICHMOND, Va.— The Fourth Circuit U.S. Court of Appeals on March 21 determined that a district court did not err in finding that the independent trustee of an employee stock ownership plan (ESOP) engaged in a prohibited transaction in violation of the Employee Retirement Income Security Act and affirmed the almost $30 million judgment entered against the trustee (Tim P. Brundle, et al. v. Wilmington Trust N.A., Nos. 17-1873[L], 17-2224, 17-2323, 17-2324 and 18-1029, 4th Cir., 2019 U.S. App. LEXIS 8504)....