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Labor Dept accuses Wilmington Trust of letting legal company's ESOP overpay
August 22, 2017 / 11:21 PM / 3 months ago

Labor Dept accuses Wilmington Trust of letting legal company's ESOP overpay

The Labor Department has accused Wilmington Trust of violating federal benefits law by allowing a legal recruiting and staffing company’s employee stock ownership plan to buy overpriced stock from the company.

In a lawsuit filed in Manhattan federal court on Monday, the Labor Department claimed that Wilmington Trust violated the Employee Retirement Income Security Act while acting as trustee to HCMC Legal Inc’s ESOP. HCMC Legal is the parent company of legal recruiting firm Mestel & Co and legal staffing outfit Hire Counsel.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2wlaAcZ

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