11th Circuit Affirms Ruling, Prejudgment Interest In Favor Of ESOP Participants

(June 14, 2018, 9:42 AM EDT) -- ATLANTA — The 11th Circuit U.S. Court of Appeals on June 12 affirmed a federal court’s grant of judgment and award of prejudgment interest in favor of participants in an employee stock ownership plan (ESOP), finding that the refusal of the plan administrator to honor the participants’ elections to diversify was both arbitrary and capricious (Dave Bryant, et al. v. Community Bankshares Inc., et al., No. 17-15360, 11th Cir., 2018 U.S. App. LEXIS 15737)....

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