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The plan trustee faces a continuation of share buybacks by DOL

By Terrie Graves
June 22, 2021
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Law360 (June 22, 2021, 4:58 p.m. EDT) – An employee stock ownership plan trustee accused by the US Department of Labor of allowing a gas company to buy back its shares at too low a price cannot avoid prosecution of the DOL, a said the judge, ruling that the ministry’s claims were not time-barred.

In an order filed Monday, U.S. District Judge Nancy Torresen said Maine Oxy-Acetylene Supply Co. ESOP trustee Carl Paine could not dismiss claims against him arising from the company’s takeover. in October 2013 of ESOP shares outstanding at $ 134 per share, which the DOL said was below fair value.

The DOL filed a complaint in September, claiming that Paine had breached his fiduciary duty …

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