WBBQ ESOP Litigation
Lloyd, et al. v. Argent Trust Company, et al. (S.D.N.Y): Cohen Milstein represents participants and beneficiaries of the W BBQ Holdings, Inc. Employee Stock Ownership Plan, who allege that the trustee of the WBBQ ESOP, Argent Trust Company and the company’s owner, and controlling managers and shareholders breached their fiduciary duties, causing the ESOP to engage in transactions that are prohibited under ERISA and in connection with the sale of the company to the ESOP for an inflated purchase price that far exceeded its fair market value.
Weiner, et al. v. Tivity Health, Inc., et al.
Eric Weiner v. Tivity Health, Inc. (M.D. Tenn.): Cohen Milstein was Class Counsel, representing Class Representative Oklahoma Firefighters’ Pension and Retirement System and other purchasers of Tivity Health stock in a putative securities class action for Exchange Act violations related to Tivity’s misleading the public about its relationship with United Healthcare, Inc. On October 7, 2021, the Court granted final approval of a $7.5 million settlement.
Wells Fargo 401(k) Litigation
Becker v. Wells Fargo & Co., et al. (D. Minn.): Cohen Milstein achieved a $32.5 million settlement prior to class certification and expert discovery. On August 31, 2022, the Court granted final approval of the settlement, resulting in a recovery of 40% of estimated damages for the plaintiffs. The lawsuit alleged that Wells Fargo and its affiliates violated numerous provisions of ERISA by breaching their fiduciary duties and engaging in self-dealing transactions prohibited under ERISA.
Wells Fargo Fair Housing Litigation
14 Fair Housing Organizations and Cohen Milstein Announce Groundbreaking Fair Housing Agreement with Wells Fargo and HUD on Marketing and Maintenance of Foreclosed Properties On June 6, 2013, the National Fair Housing Alliance (NFHA) and 13 of its member organizations announced a collaboration with Wells Fargo Bank, N.A. that will provide funds in 19 cities […]
Western Global Airlines ESOP Litigation
Burnett v. Prudent Fiduciary Services, LLC, et al. (D. Del.): Cohen Milstein represents employees in challenging the valuation of Western Global Airlines at approximately $1.3 billion, based on the sale of 37.5% of the company to the ESOP for $510 million. On March 8, 2023, the Court adopted the Magistrate Judge’s January 25, 2023 recommendation to dismiss Western Global Airlines motion to enforce arbitration. On August 15, 2023, the Third Circuit denied defendant’s appeal and refused to enforce arbitration, backing the lower court’s decision.
Western Milling ESOP Litigation
Zavala v. Kruse-Western Inc. et al. (E.D. Cal.): We represent participants and beneficiaries of the Western Milling Employee Stock Ownership Plan, who allege that the ESOP’s trustees breached their fiduciary duties by engaging in risky investments in violation of ERISA, including purchasing 100% of Kruse-Western, Inc. company stock, which was valued at approximately 90% of the purchase price for several years after the ESOP Transaction.
World Travel ESOP Litigation
Ahrendsen et al. v. Prudent Fiduciary Services. et al. (E.D. Pa.): Cohen Milstein represented a certified class of employee stock option plan participants and beneficiaries who allege that the founders of World Travel and the ESOP trustees created the ESOP and then sold 100% of the employees World Travel stock to the ESOP at an above-market price, saddling it with over $200 million in debt. On June 22, 2023, the Court granted plaintiffs unopposed motion for class certification and final approval of a $8.7 million settlement.
Wynn Resorts, Ltd. Derivative Litigation
Wynn Resorts, Ltd. Derivative Litigation (Eighth Jud. Dist. Crt., Clark Cnty., Nev.): Cohen Milstein represented the New York State Common Retirement Fund and the New York City Pension Funds as Lead Counsel in a derivative shareholder lawsuit against certain officers and directors of Wynn Resorts, Ltd., arising out of their failure to hold Mr. Wynn, the former CEO and Chairman of the Board, accountable for his longstanding pattern of sexual abuse and harassment of company employees. In March 2020, the Court granted final approval of a $90 million settlement in the form of cash payments and landmark corporate governance reforms, placing it among the largest, most comprehensive derivative settlements in history.
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