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Home / Opinion Digests / Trustee’s lack of due diligence caused stock overpayment (access required)

Trustee’s lack of due diligence caused stock overpayment (access required)

A trustee’s unjustified reliance on a stock valuation and its failure to conduct sufficient due diligence resulted in an Employee Stock Ownership Plan paying well over fair market value to purchase shares in the company that were owned by the company’s founder, and the trustee as well as the company founder were jointly and severally ...