Virginia Federal Judge: ESOP Stock Purchase Ran Afoul Of ERISA

Mealey's (August 7, 2019, 1:39 PM EDT) -- ROANOKE, Va. — A trustee committed a prohibited transaction under the Employee Retirement Income Security Act when it approved a stock purchase from a retiring CEO at an inflated price, a federal judge in Virginia ruled Aug. 2 following a one-week bench trial in October 2018 (Patrick Pizzella v. Evolve Bank and Trust, et al., No. 16-00062, W.D. Va., 2019 U.S. Dist. LEXIS 129579)....