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Lawsuit: Lifetouch ‘unjustly enriched’ departing executives while employee stockholders lost millions – StarTribune

March 15, 2018 In The News

The StarTribune discusses the details of the ERISA class action lawsuit against photography company Lifetouch Inc. recently filed by Zamansky LLC on behalf of current and former Lifetouch employees who participated in the company’s stock ownership plan.  StarTribune reporter Jackie Crosby reached out to Zamansky LLC Partner Sam Bonderoff for comment:  “Here you had fiduciaries who controlled every aspect of how the retirement savings were invested,” he explained. “They decided whether and how much stock to purchase on behalf of the employees. They decided what the stock price should be. That set of circumstances is unusual, and, we think, more egregious, where you essentially have fiduciaries controlling every aspect of the production line, so to speak.”

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