Former owners of Illinois-based Casino Queen Inc. must face claims they offloaded their company stock to an employee stock ownership plan at an inflated price after a federal judge said the challenge to a 2012 transaction wasn’t filed too late.
The lawsuit can move forward under the Employee Retirement Income Security Act even though it challenges events that occurred more than six years before the case was filed in 2020, Judge David W. Dugan of the U.S. District Court for the Southern District of Illinois held Jan. 28. That’s because the plaintiffs—former Casino Queen employees—adequately alleged that the defendants engaged ...
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