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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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The attorneys investigating this matter are Michelle Yau (admitted only in Massachusetts and the District of Columbia) and Mary J. Bortscheller (admitted only in Illinois, Minnesota and the District of Columbia).
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