December 06, 2021
The Fourth Circuit on Monday cut a $6.5 million judgment the U.S. Department of Labor won in a lawsuit that alleged a provider of soft drink manufacturing equipment and its founder violated federal benefits law by letting an employee stock ownership program overpay for company stock.
January 30, 2020
A Virginia federal judge denied a bank's request for a new trial after ordering it to pay the U.S. Department of Labor $6.5 million for violating federal benefits law by letting workers for a soft-drink-manufacturing-equipment provider overpay for company stock.
August 05, 2019
A bank and the CEO of a soft-drink-manufacturing equipment provider are both on the hook for $6.5 million after a Virginia federal judge sided with a U.S. Department of Labor lawsuit and found that they violated federal benefits law by letting workers overpay for company stock.
April 17, 2018
A Virginia federal judge quashed Labor Secretary Alex Acosta's claim that a manufacturing equipment provider illegally allowed its shares to lose value by selling stocks to a pension plan for twice their worth, saying Tuesday there wasn't enough proof to say the shares actually did lose value.