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 a recent 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.
