Order protects retirement fund assets of TPP Holdings Inc. ESOP-eligible employees
ATLANTA – A federal court judge has ordered TPP Holdings Inc., an Atlanta architecture and interior design firm operating as The Preston Partnership, LLC, and its CEO, Robert N. Preston, to restore $540,658 to TPP’s employee stock ownership plan (ESOP) following an investigation and litigation by the U.S. Department of Labor.
U.S. District Judge Eleanor L. Ross in the Northern District of Georgia issued the September 20, 2022, order after finding that TPP and Preston caused the ESOP to purchase company stock from Preston at an excessive price in two separate transactions in 2006 and 2008, violating the Employee Retirement Income Security Act.
The court determined the total loss to the ESOP to be $350,977 and assessed prejudgment interest of $189,681.
The order follows a February 2022 bench trial before Judge Ross and resolves the department’s lawsuit, which was prompted by an investigation by its Employee Benefits Security Administration. The lawsuit alleged TPP’s and Preston’s actions as fiduciaries violated federal law when they caused the ESOP to overpay for Preston’s stock.
“This court’s order restores funds to eligible employees of the TPP Holdings Inc. Employee Stock Ownership Plan and ensures the fiduciaries responsible for the overpriced purchase of stock are held accountable for their bad-faith decision that harmed the viability of the plan,” said Employee Benefits Security...
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