Legal Question in Business Law in New York
mismanagement f ESOP fiduciaries
Is there legal recurse for ESOP fiduciaries that have caused a viable company to liquidate? They had wrongdoings with the bank for the company. This put 60 people out of work.
Asked on 5/23/07, 1:33 pm
1 Answer from Attorneys
William Pinzler
william M. Pinzler
Re: mismanagement f ESOP fiduciaries
Without knowing more it is difficult to respond to your question, but in principle if ESOP fiduciaries have violated their fiduciary duty, a cause of action can be asserted against them. However, before anyone can proceed further there must be a careful investigation of the facts. You need to consult a lawyer promptly.
Answered on 5/23/07, 3:07 pm
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