Overview

Join our panelists in a class discussion on key valuation issues in Walsh v. Bowers

For over a decade, the Department of Labor has not lost a major ESOP case on a valuation issue, but its winning streak ended with Walsh v. Bowers. The case involves many key valuation issues, and this webinar will host one of the key financial experts on the case as well as a seasoned ERISA/ESOP attorney providing commentary on February 1.

Speakers

Kenneth Pia, Partner, Marcum LLP
Ken Pia (Marcum LLP) was a key financial expert witness for the defense in the case, which involved the ESOP company Bowers + Kubota (an architecture and engineering firm). The DOL had alleged that the ESOP paid more than fair market value for stock of the sponsor company. Valuation experts have long maintained that the DOL has been playing by its own valuation rules—rules that are not consistent with accepted valuation standards. But the DOL had a long track record of success using its own rules. In a stunning rebuke, the district court ruled against the DOL, stressing that the agency failed to follow standard valuation practices.

Peter Jones, Counsel, Tucker Ellis LLP
Peter Jones (Tucker Ellis, LLP) is a seasoned ERISA attorney with over 10 years of experience in ERISA law, with a specific focus on ESOPs. Peter will offer context regarding previous cases and the significance of this victory for the ESOP community. 

The case is Walsh v. Bowers, 2021 U.S. Dist. LEXIS 177184 (Sept. 17, 2021), and a copy of the opinion is available on the BVLaw platform.

Patrice Radogna, National ESOP Co-Leader, Marcum LLP
Patrice Radogna, co-leader of Marcum’s national ESOP practice, will moderate this webinar, exploring key aspects of the Bowers + Kubota case with Ken Pia, as well as gaining historical and forward looking insight from Peter Jones.