Federal Government Opposes Bill Of Costs After Losing ERISA Ruling In ESOP Suit

Mealey's (October 11, 2021, 10:04 AM EDT) -- HONOLULU, Hawaii — The U.S. secretary of labor on Oct. 8 filed an objection to a bill of costs filed by the defendants in an Employee Retirement Income Security Act lawsuit over an employee stock ownership plan (ESOP) after a federal judge in Hawaii determined that evidence showed that the $40 million price paid by the ESOP to the former owners of an engineering firm “did not exceed the fair market value of the Company” on the date of the sale, despite a valuation of the company two weeks later that was more than $33 million lower....