Western Milling Employee Stock Plan Spurs Another ERISA Lawsuit

A former Western Milling LLC employee filed a lawsuit saying his employee stock ownership plan was forced to sell its shares at an unfair price in connection with the company’s acquisition by Viserion Milling LLC.

The proposed class action, filed Monday in the US District Court for the Eastern District of California, centers on a series of transactions in which the Western Milling ESOP sold its 2 million shares of parent company Kruse Western Inc. back to the company, which in turn sold Western Milling and most other assets to Viserion. Plaintiff Jose Davalos says these transactions funneled significant ...