Legal Question in Business Law in Illinois
Employee Stock Ownership Plan
My wife worked for a company for fifteen years, during which she earned company stock in the form of ESOP. Recently the company had a major layoff and she was laid off. Executives informed the laid off employees, that those who earned any ESOP during their tender. Would receive their ESOP payout one year from their termination date, and that the ESOP value would be based upon the valued at the date of termination. It been nearly a year and half and the company has failed to payout anything, to anyone. They consistently give excuses and are stalling.
Any suggestions on how my wife could legally recover her ESOP.
2 Answers from Attorneys
Re: Employee Stock Ownership Plan
It sounds to me as if your wife needs to contact an attorney who has working knowledge of ERISA.
Re: Employee Stock Ownership Plan
The easiest and cheapest way to file a complaint with the U.S. Dept of Labor. The address should be in the Summary Plan Description provided by the employer when the plan was adopted or when your wife entered the plan.
Related Questions & Answers
-
401K Proceeds from loss of job I lost my job to Corporate Downsizing on February... Asked 4/15/07, 11:15 am in United States Illinois Business Law
-
Selling Imported DVDs Is it illegal to sell region free imported DVDs in the USA? Asked 4/14/07, 1:12 pm in United States Illinois Business Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
