We were retained to provide an expert report and expert testimony related to a business valuation dispute. Our clients, the selling shareholders of a trucking company and the ESOP trustee, were being investigated and sued by the Department of Labor related to the valuation that was utilized to effectuate an ESOP’s purchase of stock. The Department of Labor hired a valuation expert who opined that the ESOP had materially overpaid in the transaction, and that the ESOP had been damaged by the selling shareholders and the ESOP trustee because the ESOP had paid too much to the selling shareholders for their stock. We reviewed and analyzed the Department of Labor’s claims and support, as well as the expert report issued by the opposing business valuation expert. Upon finding numerous flaws in the claims made by the Department of Labor and material errors in the valuation report prepared by the opposing expert, we issued an affirmative valuation report that showed that the price that the ESOP paid was fair and also issued a rebuttal report that demonstrated the errors in the opposing expert’s valuation. Upon the release of our expert report, the case settled within one week with a favorable resolution for our clients.

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