New DOL Settlement Takes Aim at Indemnification for ESOP Fiduciaries
By EsqSocial Corporation 26/01/21
On January 12, 2021, the United States Department of Labor (“DOL”) entered into a consent order with another fiduciary of an employee stock ownership plan (“ESOP”). The consent order in Scalia v. Professional Fiduciary Services, LLC (the “Order”), which requires payment from the fiduciary to the ESOP to settle all of the DOL’s claims, did not contain a process agreement for the fiduciary to follow when undertaking future fiduciary assignments....
By: Polsinelli