Benefits & Executive Compensation News

Case: Retirement Plans/Employee Stock Plan (M.D. Fla.)

Nov. 7, 2019, 6:40 PM

A proposed class action against Florida defense contractor Raydon Corp. survives a motion to dismiss claims that the company’s employee stock ownership plan overpaid for Raydon stock by more than $50 million, the U.S. District court for the Middle District of Florida held. Stephanie Woznicki is advancing nearly all her claims against Raydon, top executives, and Lubbock National Bank, which acted as trustee of Raydon’s employee stock ownership plan. Woznicki accuses the defendants of orchestrating a 2015 transaction in which the plan paid $60.5 million for Raydon stock that may have been worth less than $5 million. The case is...

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