Chemical Maker Stock Plan Sale Lawsuit Advances Toward Trial

SaverSystems can go to trial on most of its claims that former shareholders forced workers to overpay for the specialty chemical manufacturer through an employee stock ownership plan transaction.

Judge Matthew P. Brookman on Thursday issued a sealed opinion largely denying the defendants’ requests for summary judgment. All the case’s claims can proceed to trial, with the exception of claims for fiduciary disloyalty under the Employee Retirement Income Security Act, Brookman said in a docket entry accompanying the sealed opinion.

• The two-year-old lawsuit, filed by SaverSystems against the company’s selling shareholders and the trustee of its ESOP, challenges a 2020 ...