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.
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.