The parties in the case, which had a June 9, 2020 trial date set, say that, “in an effort to expedite the resolution of this case, the Parties agreed to the terms of a settlement in principle among themselves and separately agreed to a 90-day period for Defendants to secure funding commitments for the cash ... Read More
Bloomberg BNA reported on January 2, 2018 that Wawa Inks $25M Deal in Challenge to Forced Stock Sell-Off. According to the article, Wawa Inc. agreed to pay $25 million to settle a lawsuit accusing the convenience store and gas station chain of forcing employees to sell their company stock at an unfair price. The settlement will benefit ... Read More
On February 1, 2016 a lawsuit was filed in federal district court alleging Wawa, Inc. violated ERISA laws when administering its Employee Stock Ownership Plan (ESOP). Plaintiff Greg Pfeifer alleges he and more than 3,000 other former employee participants in the plan, each who had a balance of more than $5,000, were divested from the ... Read More
In their unanimous decision Monday, the United States Supreme Court made a clear statement about the duty companies have in monitoring investments offered to its employees. As reported in the Los Angeles Times, the decision involved several employees who sued Edison International alleging that the company had failed in its responsibility by offering high fee ... Read More
In a win for employees, on June 25, 2014 the United States Supreme Court issued its ruling in the highly anticipated case, Fifth Third Bancorp v. Dudenhoeffer, and rejected the presumption of prudence standard in ESOP stock-drop cases. For years, federal courts have followed a standard of presumption of prudence in ESOP stock-drop cases and ... Read More
