Department of Labor recovers $22.5M from trustee for stock overpayment by RV rental company’s employee stock ownership plan

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Summary:

The US Department of Labor has recovered $22.5 million from Reliance Trust Company, the former trustee of the RVR Inc. Employee Stock Ownership Plan (ESOP), for overpayment of stock. The company purchased 100% of RVR Inc. shares for $105 million in 2014, resulting in an alleged fiduciary breach. A consent judgment requires Reliance to pay $20.4 million to plan participants to resolve claims. The court also imposed a $2 million penalty for ERISA violations. The investigation was conducted by the Employee Benefits Security Administration, and the lawsuit remains pending against other defendants.