TPI Workers Advance Stock Plan Deal, Margaritaville Profits Suit

Employees of hotel and restaurant operator TPI Hospitality advanced the bulk of their lawsuit saying they were forced to sell company stock at a steep discount and denied expected profits tied to a Margaritaville Resort development.

Judge Wilhelmina M. Wright on Tuesday declined to dismiss most claims against TPI, its employee stock ownership plan committee, and plan trustee Argent Trust Co. But she dismissed claims against longtime TPI executive and board chair Thomas Torgerson, saying that despite his leadership position at the company, there wasn’t sufficient evidence showing that he held a fiduciary role in connection with the ESOP.

Wright, ...