Wilmington Trust Can't Dodge $30M Bill To Retirement Plan
By Danielle Nichole Smith (March 22, 2019, 8:08 PM EDT) -- Wilmington Trust is still on the hook for a nearly $30 million payment to a Constellis Group employee stock ownership plan after the Fourth Circuit upheld a lower court's finding that the bank had flouted its fiduciary duties as the plan's trustee.
The three-judge panel said in its opinion published Friday that the lower court correctly found that Wilmington Trust NA failed to show that the Constellis Group Inc. retirement plan didn't pay too much when it bought the private security company for $4,235 per share in 2013. While the Employee Retirement Income Security Act allows employee stock ownership plans to...
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