News: Justice Department Asks Supreme Court to Reverse Circuit Courts’ Pro-ESOP Position
ESOP Association News
The ESOP Association sent out the following press release. We are sharing with readers here.
For Immediate Release: November 14, 2013
Justice Department Asks Supreme Court to Reverse Circuit Courts’ Pro-ESOP Position
November 14, 2013 (Washington, DC) – In a disappointing turn of events, the Obama Administration has once again taken a negative position in regard to employee stock ownership plans (ESOPs).
Early in 2013, the Supreme Court asked the Solicitor General to comment on technical questions regarding stock-drop cases and to assess whether these types of cases should be brought to the attention of the Court. In a rather strange move, the Solicitor General asked the Court to focus only on a matter concerning ESOP plan fiduciaries, and whether they are entitled to the presumption that they have acted in the best interests of plan participants by investing in company stock.
“Congress, and former Presidents, has…
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Tags: Business, EFP, Employee Financial Participation, employee ownership, employee stock ownership plan, ESOP, finanzielle Mitarbeiterbeteiligung, Kelso, Louis O. Kelso, ownership, piece of the cake, property, Small and medium enterprises, social market economy