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ERISA Suit Over Stock Deal Led By Felon Gets Paired Down

Tiomkin Law Offices of Elliott Tiomkin > Legal News  > ERISA Suit Over Stock Deal Led By Felon Gets Paired Down

ERISA Suit Over Stock Deal Led By Felon Gets Paired Down

Law360 (July 6, 2020, 9:41 PM EDT) — A California federal judge on Monday narrowed an ERISA class action claiming a government contractor’s workers were shorted through an unfair stock sale to an employee ownership plan, although she largely denied the bids for wins before a trial in the case.

In her order, U.S. Magistrate Judge Jacqueline Scott Corley said neither the employee stock ownership plan participants bringing the Employee Retirement Income Security Act case nor Adams and Associates Inc. and its directors were entitled to summary judgment on the claim that the company breached its fiduciary duties by failing to monitor Alan Weissman, the plan trustee and a…

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