No specific laws identified for this ruling.
The court affirmed summary judgment for defendant McKinnon, holding that ERISA's fiduciary provisions do not regulate the initial creation and funding of an ESOP, as these are settlor functions outside the statute's scope. The court rejected plaintiffs' claim that the founding board members breached fiduciary duty by purchasing company stock at $60/share while funding the ESOP at fair market value of over $10,000/share.
This summary was generated to explain the ruling in plain English and is not legal advice.
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