Selway's Employee ESOP
In the Selway matters, our firm represented Employee Stock Ownership Plan (ESOP) participants in the Selway Corporation ESOP plan. On behalf of our clients, we sued the founding owner of the corporation who first sold all of his stock to the ESOP but remained as the company's CEO. Having been paid for the value of the company as it existed while he managed it on his own behalf, the CEO and his family members and other insiders ran the company to benefit themselves at the expense of the company. These matters resulted in favorable settlements for the employee shareholders.