Refrigeration Company Stock Plan Suit Fails in North Carolina

A former executive for a refrigeration product manufacturer lost his lawsuit claiming mismanagement in connection with the company’s employee stock ownership plan, in part because some of his claims were brought too late.

The executive held high-level positions for many years and knew how the plan was run well before he sued in 2023, Judge James C. Dever III said.

• The executive “long knew about that which he now complains” and can’t avoid the Employee Retirement Income Security Act’s three-year limitations period, Dever said Monday for the US District Court for the Eastern District of North Carolina
• Dever also ...