Chris Wingard, an Associate in Kleinbard’s Business & Finance Practice, authored a post on the class action settlement in Tufano v. Pride Mobility for the National Center for Employee Ownership (NCEO)’s Employee Ownership Legal Digest. The NCEO’s Legal Digest provides summaries of key cases, rulings, and legal developments impacting employee ownership. In Tufano v. Pride Mobility, current and former ESOP participants alleged that ESOP fiduciaries violated ERISA by mismanaging the Plan’s non-company stock assets. The plaintiffs reached a settlement of $2.1 million that will be distributed to approximately 1,500 class members. This case is significant because it demonstrates the litigation risks associated with the management of non-company stock investment accounts.
To read the full summary, click here.
