Lifetouch Employer Stock Plan Suit Hits Dead End

Employees of photography company Lifetouch Inc. lost their lawsuit claiming they lost hundreds of millions of dollars in retirement savings when their employer stock plan allegedly tanked in value.

The employees didn’t provide enough specific details backing their claim that Lifetouch and its directors artificially and fraudulently inflated the company’s stock value before its 2018 sale to Shutterfly Inc., a federal judge said ruled Nov. 7. She dismissed their proposed class action without giving them an opportunity to refile their claims.

This ruling is the latest in a long line of Employee Retirement Income Security Act cases rejecting challenges to ...