Worker Behind $198M Stock Buy Suit Not Hurt, 4th Circ. Told
Litigation Partner Lynn Calkins was quoted in a Law360 article about the Fourth Circuit's choice not to revive a worker's suit challenging her retirement plan's $198 million purchase of allegedly overvalued company stock. The National Center for Employee Ownership (NCEO), an employee stock ownership advocacy group, urged the Fourth Circuit not to revive the worker's suit, arguing she hadn't shown she was harmed by the deal. NCEO filed an amicus brief arguing the appellate court shouldn't disturb the dismissal of the employee's suit claiming Argent Trust Co. didn't properly vet the purchase of her employer's stock. The American Society of Appraisers (ASA) also filed an amicus brief arguing against reviving the case. Attorneys Lynn Calkins and Jessica Farmer represented Choate in the matter.
"We are pleased that two premier associations — such as NCEO and ASA — acknowledge that appellant's complaint fails to allege a violation of ERISA," said Ms. Calkins.