Sherwin-Williams will pay $80 million to settle DOL probe

Payment settles investigation of transactions related to employee stock ownership plan

Yesterday the Sherwin-Williams Co. announced that it had reached a settlement with the Department of Labor (DOL) that will resolve investigations into transactions related to the company’s employee stock ownership plan (ESOP).

In its investigation, the government asserted breaches of fiduciary duty obligations and sought compensatory remedies from Sherwin-Williams, including monetary damages to the ESOP for alleged losses related to third-party valuation of Sherwin-Williams’ convertible serial preferred stock.

Ashley Post

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