Tribune Co. employees at the time of company’s 2007 leveraged buy-out are eligible to join a class action lawsuit against the ESOP trustee that represented their interests in the takeover by billionaire Sam Zell, a federal judge ruled Friday. Get the full story »
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Aug. 10, 2010 at 5:38 p.m.
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Filed under: Bankruptcy, Chicago executives, Fraud, Litigation, Media, Retirement Judge: Zell can’t be made to pay for pension losses
A U.S. District Judge in Chicago ruled Monday that Sam Zell can’t be made to pay for the company’s retirement fund losses because Tribune isn’t directly involved in the lawsuit. Zell was sued by workers who claimed that the billionaire caused the company’s employee stock ownership plan to lose value.
