Overview
There have been significant developments that will impact the future of Department of Labor (DOL) regulations and litigation related to ESOPs. McDermott Will & Emery partners Ted Becker and Julian André presented at an upcoming NCEO webinar to share what ESOP fiduciaries, ESOP company directors, and employees involved with the ESOP need to know about these changes.
Learning objectives:
- Review the U.S. Supreme Court’s recent Loper Bright decision overturning the Chevron case and the federal judiciary’s 40-year practice of deferring to administrative agencies, and how this could impact future DOL regulation of ESOP companies.
- Discuss the recent decision in Secretary of Labor v. Benson in which the federal court, after a 16-day trial, found the directors of a company violated ERISA in a $105 million ESOP transaction.
- Learn about the status of DOL regulation on adequate consideration, the DOL EBSA Division of Employee Ownership, and judicial and legislative challenges to the new DOL fiduciary rule.
