The ESOP Podcast Episode 13

The ESOP Podcast Episode 13 – Scott Stitt, ERISA Attorney at Tucker Ellis, LLP, on representing ESOPs

Our guest is Scott Stitt, an ERISA (Employee Retirement Income Security Act) Attorney at Tucker Ellis LLP‘s Columbus Ohio office. He has a national litigation practice, focusing on ERISA and related employment and business disputes.  Scott Stitt sat down with Bret Keisling of Captial Trustees, LLC at #ESOPLV — The ESOP Association’s record-setting November 2017 Las Vegas ESOP Conference and Trade Show held at the Paris hotel in Las Vegas, Nevada.

This is a wide-ranging discussion of general trends in ERISA litigation, the recent history of interactions of ESOPs with the Department of Labor, and the implications of the GreatBanc DOL Settlement ESOP Fiduciary Process Agreement, First Bankers Trust DOL Settlement, and the BAT Masonry Agreement.  They discuss how ESOPs should treat DOL audits like a deposition, in order to keep statements from being taken out of context. They also emphasize the importance of real independence and arms-length negotiations during the ESOP creation process, and the criticality of clear and detailed documentation.

 

Scott Stitt

Scott Stitt [Source: Tucker Ellis LLP, Our People]

More about Scott Stitt

“[Scott Stitt] has served as lead trial counsel representing corporations, employee stock ownership plan (ESOP) and defined benefit plan trustees, physicians and medical practice groups, and individuals in complex class action litigation in Ohio, New York, Illinois, California, Indiana, Missouri, and other jurisdictions.

Scott is experienced in ERISA criminal and civil disputes, including DOL and IRS audits and investigations, benefit claim disputes, breach of fiduciary duty claims, alleged prohibited transactions, and executive compensation and employment issues. He has extensive experience with ESOPs, and has served as both litigation counsel and special counsel to ESOP trustees and other ERISA fiduciaries.

Scott also litigates employment and business disputes in state and federal court, including claims for breach of contract, misappropriation of trade secrets, fraud, breach of fiduciary duty, and disputes over the value of privately held businesses and other assets.

Scott and his wife reside in the German Village area of Columbus with their yellow Lab Gus.”

[Source: Tucker Ellis LLP, Our People]

Tucker Ellis, LLP Logo

Tucker Ellis, LLP ESOP Services

“Employee stock ownership plans – ESOPs – can be complicated, often involving multiple areas of law. [Tucker Ellis’] ESOP Group uses an efficient team approach, working closely across disciplines to ensure a seamless delivery of services to our clients. Our practice includes significant depth in every aspect of a full-service ESOP practice – ERISA, tax, corporate finance, lending, securities regulation, corporate and fiduciary governance, estate planning, and mergers and acquisitions – making our practice the one-stop shop our ESOP clients need.”

[Source: Tucker Ellis LLP Services]


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