November 16, 2017
First Bankers Trust Services Inc. has agreed to pay nearly $16 million to resolve a set of lawsuits alleging it breached its fiduciary duties under the Employee Retirement Income Security Act in purportedly letting three employee stock ownership plans overpay for their own companies' stock, the U.S. Department of Labor said Thursday.
July 25, 2012
Onetime trustees of a Cliffwood Beach, N.J., construction company's employee stock ownership plan breached their fiduciary duties in letting the plan purchase company stock for an inflated, $16 million price, the U.S. Department of Labor contends in a suit announced Tuesday.