Fiduciary Lessons From DOL's Win In Employee Stock Case

Law360 (September 9, 2019, 3:46 PM EDT) -- In Acosta v. Vinoskey et al., the U.S. District Court for the Western District of Virginia recently awarded the Sentry Equipment Erectors Inc. employee stock ownership plan $6.5 million for the ESOP’s overpayment for the founding shareholder’s 52% interest in Sentry Equipment Erectors. The selling shareholders (Adam Vinoskey and a related trust) and the ESOP trustee were held jointly and severally liable.[1]

The court held that the ESOP trustee had breached its duty of prudence and duty of loyalty to the ESOP and had committed a prohibited transaction by overpaying for the company stock held by Vinoskey and a related trust....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS