ESOP-Owned Lifetouch Being Sued

The Minneapolis Star Tribune reported today that an ESOP participant is suing the company and seeking class-action status. The suit alleges that the ESOP fiduciaries failed to take action when they knew that the company was struggling, so the suit will involve a private-company example of the new standards of prudence that the Supreme Court established in the case Dudenhoeffer v Fifth Third.