Asbury Carbons Stock Plan Lawsuit Advances After Claims Trimmed

Asbury Carbons Inc. employees challenging how the company’s recent acquisition by Mill Rock Capital affected their employee stock ownership plan are moving forward with portions of their lawsuit after a federal judge trimmed a handful of claims.

Judge Robert Kirsch on Aug. 30 greenlighted fiduciary breach claims against the stock plan’s trustee and co-fiduciary liability claims against the company and its chief financial officer during the period in question. The workers adequately alleged that the trustee breached his duties in approving a stock sale that paid them $18.4 million for their 19.7% stake in the company and that the company ...