Law360, New York (March 14, 2017, 8:15 PM EDT) -- A class of Constellis employees won a nearly $30 million Employee Retirement Income Security Act judgment on Monday, representing the difference between what employee stock ownership plan trustee Wilmington Trust let the ESOP pay for the private security firm and what a Virginia federal court ruled it was actually worth.
U.S. District Judge Leonie M. Brinkema said Monday the ESOP overpaid by $29.8 million because Wilmington Trust NA failed to probe deeply into a lofty late 2013 valuation for the company by investment banking firm Stout Risius Ross Inc. and didn't ask why it pegged the company's value at tens of millions...
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