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Lifetouch Directors Sued Over Company Stock in Retirement Plan – Bloomberg BNA

March 2, 2018 In The News

Bloomberg’s Jacklyn Wille discusses the recent ERISA class action lawsuit filed against photography company Lifetouch Inc.  The suit, filed by Zamansky LLC on behalf of current and former Lifetouch employees, alleges that Lifetouch ESOP participants “suffered ‘hundreds of millions of dollars’ in damage by investing in the company’s employee stock ownership plan over the past several years….”  As an action brought against a privately held company’s ESOP, “this Lifetouch case may represent a shift in litigation over lost retirement savings following drops in company stock price.”

Click here to view the full article from Bloomberg BNA