TPI Workers Seek Approval of $500,000 Stock Sale Settlement

Employees of a hotel operator sought approval of a $500,000 settlement to resolve claims the company forced them to sell stock at a discount and denied them expected profits from a Margaritaville Resort development.

The deal, which would be funded by TPI Hospitality Inc. or its insurers, would benefit about 900 people who vested in the company’s employee stock ownership plan since its inception, according to court filings issued Friday asking that the deal receive preliminary approval.

The $500,000 settlement amount “effectively doubles” the money paid to the stock plan in exchange for selling TPI stock, the filing said.

The ...