US Corrections Corp. ESOP

The US District Court, W.D. Kentucky (Jennifer B. Coffman, Judge) entered final judgment on January 3, 2005 for plaintiffs in the sum of $21,669,927. Plaintiffs prevailed on claims of breach of fiduciary duty and prohibited transactions under ERISA (Employee Retirement Income Security Act) against two former Trustees of the US Corrections Corp. ESOP (Employee Stock Ownership Plan). The claims were brought by two individual ESOP participants on behalf of the ESOP Plan. In its decision on liability (issued separately) Judge Coffman found defendants had breached their fiduciary duties in a variety of ways regarding the establishment of the ESOP, and the price paid for USCC shares in 1994. A copy of that decision is reported at 215 F.Supp. 2d 867 (W.D. Ky. 2002). [EMAIL LAWYER]

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