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“Kruse-Western Workers Advance Suit over $244 Million Stock Sale,” Bloomberg Law
- Stock value allegedly lower after horse deaths.
- Judge allows failure-to-monitor claim under ERISA.
A lawsuit challenging a $224 million transaction involving Kruse-Western Inc.'s employee stock ownership plan is moving forward after a federal judge trimmed certain claims.
The proposed class action alleges the animal feed company’s stock plan was forced to take out a loan to buy company stock worth only one-tenth the amount it paid. The transaction relied on unreliable valuations that didn’t account for a recent feed contamination that killed at least 21 horses and 850 cattle and led to fines and litigation, according to the lawsuit.
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