United States Second Circuit
Henry v. U.S. Trust Co., 07-0355-cv
In an ERISA action challenging a stock purchase under an Employee Stock Ownership Plan (ESOP), the dismissal of the complaint is reversed where, when an ESOP incurs debt to finance a purchase of shares of stock and then later sells the shares in exchange for cancellation of some of that debt, the debt cancellation in the second transaction should not be construed as having reduced the purchase price paid in the first transaction.
Appellate Information
- Decided 06/19/2009
- Published 06/19/2009
Judges
Court
- United States Second Circuit