Cory Thomas is an attorney well versed in the defense of a full range of employee benefit, executive compensation, employment and Employee Retirement Income Security Act (ERISA) litigation matters. He works with Fortune 500 companies, plan sponsors, insurers, plan administrative and investment committees, corporate directors, other plan fiduciaries, benefit plans, plan administrators, officers, executives and third-party administrators to solve complex matters with a practical, results oriented approach.

Cory has a robust practice defending employers in various benefit-related disputes, including health and welfare plans and qualified and nonqualified retirement plans.

Beyond litigation, Cory provides strategic counsel to human resources professionals on COBRA, HIPAA, retaliation claims (including Section 510 of ERISA), compensation plans and other benefits-related issues. He also guides clients through IRS and DOL investigations and advises on Securities Exchange Act matters.

Education

  • Drexel University Thomas R. Kline School of Law (J.D., cum laude)
    • University of Cincinnati (Master of Community Planning)
      • Miami University (B.A.)
        • Creative Writing and English Literature

      Bar Admission

      • Pennsylvania
      • New Jersey

      Court Admissions

      • U.S. District Court, Eastern District of Pennsylvania
      • U.S. District Court, District of New Jersey
      Publications
      All Publications
      Federal Court Grants Summary Judgment in ESOP Releveraging Case, Rejecting Novel Dilution Theory
      Key Takeaways A federal district court in Arkansas granted summary judgment in favor of an ESOP sponsor, its board and the ESOP trustee, rejecting claims that a two-step releveraging transaction violated ERISA fiduciary duties. The court held that decisions regarding ESOP repurchase obligation strategy, such as releveraging, are generally corporate business decisions, not fiduciary acts subject to ERISA — particularly where the board spent considerable time with qualified third-party advisors workshopping various alternatives to releveraging. The court also reinforced that ESOP trustees satisfy their fiduciary duties where they engage in a robust, well-documented process, rely on independent advisors and negotiate favorable transaction terms for the plan. The U.S. District Court for the Western District of Arkansas granted summary judgment to all defendants in Shipp et
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      North Carolina Federal Court Lets ESOP Fiduciary Claims Proceed, Underscoring Active Oversight Duties
      Key Takeaways A North Carolina district court largely denied motions to dismiss ERISA and malpractice claims arising from a leveraged ESOP transaction and subsequent sale, allowing fiduciary breach claims against an independent trustee, private equity investors and transaction counsel to proceed. The court emphasized that ESOP trustees must actively investigate red flags and advocate for plan participants, rejecting arguments that a trustee may simply rely on process formalities. Although this litigation remains in the early stages, the court’s refusal to dismiss most ERISA fiduciary claims reinforces the judiciary’s expectation that ESOP fiduciaries must actively safeguard participant interests. The U.S. District Court for the Western District of North Carolina denied on March 3 motions to dismiss ERISA-related claims involving the employee stock ownership plan (ESOP)
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