Federal government websites often end in. The site is secure. Department of Labor has entered into an agreement with the fiduciaries of Cactus Feeders Inc. The allegations stem from a December stock transaction that resulted in the ESOP overpaying for the outstanding shares of the company. Lubbock National Bank, the ESOP's trustee, has also agreed to take steps that will ensure it fulfills its fiduciary obligations in the future.
These include agreeing to an extensive list of actions and conduct that prudent fiduciaries undertake when evaluating whether, for what value, and under what conditions an ESOP should purchase employer stock. The express terms are found in the comprehensive settlement agreement approved by the court on June 15, Department of Labor will take all actions necessary to ensure that fiduciaries live up to their legal obligations.
Employers and workers can reach EBSA toll-free at for help with problems related to private sector retirement and health plans. Acosta v. FAQ Contact Us. News Release. Release Number. Media Contact: Chauntra Rideaux.
Phone Number. Media Contact: Juan Rodriguez.
