According to a complaint filed with the DOL, Kellogg Auto Supply of Cortland disbursed ESOP benefits in 1999 based on the stock’s 1998 valuation. But it made no further distributions until 2008. The DOL filed suit charging the company and its president, Richard Coates, with violating ERISA.
ESOP’s fable: The tightwad and the vanishing money
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