Defendant Mark T. Kirchdorfer is president of ISCO and Jimmy’s brother. Other defendants includes trusts into and out of which the proceeds of the sale of employer stock have been paid, as well as the family owners of ISCO Industries Inc.The lawsuit is directly related to another filed recently under ERISA, which While it is not normally necessary to describe in detail most of the plaintiffs and defendants named in a case of this nature to understand its arguments and potential merit, in this particular matter it is essential to understand who several of the defendants are. ISCO Industries Inc., a global customized piping solutions provider based in Louisville, Kentucky, is the most recognizable of the defendants.
On December 20, 2012, ISCO and/or its prior owner(s) sold four million shares of common stock in the company to the ESOP in exchange for a 25-year note of $98 million, accruing 2.4% annual interest. ISCO also claimed that DPF "failed to pay ISCO at least $62,351.07 for the materials provided" under the contract at issue, and argued that Mr. Fleming's lawsuit is an attempt "to avoid payment of at least $62,351.07 to ISCO and unspecified compensatory damages, liquidated damages, and punitive damages exceeding $15,000.00." {¶1} Plaintiffs-appellants ISCO Industries, Inc., and ISCO Canada, Inc., (collectively "ISCO") appeal the dismissal of their complaint against their insurer, defendant-appellee Great American Insurance Company ("Great American"), arising from Great American's refusal to provide coverage with respect to a lawsuit and settlement between ISCO and a third-party Canadian corporation. Their interests in the ISCO ESOP were vested on or before February 14, 2018, according to the complaint.The complaint details its list of defendants as follows: “Defendant Stephen C. James is a Louisville-based consultant. Other defendants includes trusts into and out of which the proceeds of the sale of employer stock have been paid, as well as the family owners of ISCO Industries Inc. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / Copyright ©2020 Asset International, Inc. All Rights Reserved.
Participants in ISCO Industries’ employee stock ownership plan agreed to settle their class-action lawsuit against Wilmington Trust, the plan’s trustee, for $5 … WINKLER, Judge. Wilmington Trust is agreeing to settle a lawsuit alleging the firm caused and engaged in prohibited transactions under the Employee Retirement Income Security Act (ERISA) related to a sale of ISCO Industries’ stock to participants in its employee stock ownership plan (ESOP). PERSONS MUST ALSO HAVE BEEN A PARTICIPANT DURING THE CLASS PERIOD IN ORDER TO BE COVERED BY THE SETTLEMENT CLASS. 1, at 2.) (“Wilmington Trust”), in the U.S. District Court for the District of Delaware (the “Lawsuit”). {¶1} Plaintiffs-appellants ISCO Industries, Inc., and ISCO Canada, Inc., (collectively “ISCO”) appeal the dismissal of their complaint against their insurer, defendant-appellee Great American Insurance Company (“Great American”), arising from Great American’s refusal to provide coverage with respect to a lawsuit and settlement between ISCO and a third-party Canadian corporation. INSURANCE: In an insurance-coverage dispute, the trial court did not err in dismissing an insured's complaint against its insurer where the policy required the insured to report a claim no later than 90 days after the end of the policy period, and the insured did not report the claim within the timeframe required by the policy: the insured's argument that its renewal of the policy created an expectation of continuous coverage, and that it need only have reported the claim within a reasonable time is not supported by the plain language of the policy moreover, the notice-prejudice rule does not apply to policies in which notice must be made to the insurer within a set timeframe, so that the insurer here was not required to show it was prejudiced by the insured's untimely notice.Sign up to receive the Free Law Project newsletter with tips and announcements. According to the complaint, the plaintiff alleges that on Sept. 4, 2017, he was injured while in the course and scope of his employment with defendant when he tripped and fell into an improperly filled pothole.
(Docket No. ISCO employs salespersons to market and sell its product and provides these salespersons certain business information, such as ISCO's prices, fabrication … “Fully anticipating that the true forecasts would come to fruition, the Kirchdorfer defendants became the owners of ISCO’s stock on February 14, 2018, so that they, and not the plan participants, could enjoy those record-breaking financial results.”The complaint concludes its technical fiduciary breach and prohibited transaction allegations by calling on the court to issue various remedies including re-establishment of the ESOP, monetary compensation and the installment of an independent trustee.In response to a request for comment about the litigation, David Haick, ISCO general counsel, provided the following: “ISCO is aware of this complaint which was filed by three former employees of the company. November 27th, 2019 The deal resolves a lawsuit challenging the M&T Bank Corp. subsidiary’s handling of a stock transaction involving the ISCO Industries Inc. employee stock ownership plan.