Legal Opinion
Tim Brundle v. Wilmington Trust, N.A.
Court of Appeals for the Fourth Circuit
Decided March 21, 2019No. 17-1873; 17-2224; 17-2323; 17-2324; 18-1029PublishedCited by 23 opinions
1Opinion of the Court
DIANA GRIBBON MOTZ, Circuit Judge:
After owners of a closely held corporation sold the company to its Employee Stock Ownership Plan ("ESOP"), a participant in the ESOP brought this action. The participant contended that the trustee chosen for the ESOP by the corporation breached its fiduciary duties to the ESOP and overpaid for the stock - improperly enriching the corporation's owners at the expense of its employees.
Following a multi-day bench trial, the district court issued detailed findings of fact concluding that the trustee had indeed breached its fiduciary duties, causing the ESOP to…
2Cases cited50 opinions
- Amchem Products, Inc. v. WindsorSupreme Court of the United States · 1997
- Alyeska Pipeline Service Co. v. Wilderness SocietySupreme Court of the United States · 1975
- Mills v. Electric Auto-Lite Co.Supreme Court of the United States · 1970
- City of Burlington v. DagueSupreme Court of the United States · 1992
- Exxon Shipping Co. v. BakerSupreme Court of the United States · 2008
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3Cited by23 opinions
- Anita Tekmen v. Reliance Standard Life Ins.Court of Appeals for the Fourth Circuit · 2022
- Appvion, Inc. Retirement Savings and Employee Stoc v. Douglas ButhCourt of Appeals for the Seventh Circuit · 2024
- Marty Walsh v. Adam VinoskeyCourt of Appeals for the Fourth Circuit · 2021
- Petersen v. Comm'r of Internal RevenueCourt of Appeals for the Tenth Circuit · 2019
- Artem V. Gelis v. BMW of North America LLCCourt of Appeals for the Third Circuit · 2026
18 more not listed; retrieve them via the Exa API.