Architecture Co.'s Execs Seek To Escape DOL Stock-Plan Suit
By Alexis Shanes (January 19, 2021, 5:38 PM EST) -- The administrators of an architectural firm's employee stock ownership plan have asked a Hawaii federal judge for a win in a U.S. Department of Labor suit alleging the executives inflated the firm's revenue projections when its stock was appraised, saying they fulfilled their obligations to the plan.
Brian Bowers and Dexter Kubota, who own the Oahu-based Bowers + Kubota Consulting Inc. and handle its ESOP, urged U.S. District Judge Susan Oki Mollway on Friday to grant them summary judgment in the Labor Department's Employee Retirement Income Security Act suit filed in April 2018.
The allegedly unrealistic appraisal was the basis for a $40 million sale...
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