Klang v. Smith's Food & Drug Centers, Inc. (I)
Plaintiffs sought recission on a series of transactions including a merger, stock repurchase and certificate amendment on theory that directors breached fiduciary duty.
More Court Cases … ESOP: Faircloth
The court found that Lundy Packing Co., the ESOP administrator and trustee, were not required to disclose the ESOP appraisal report, despite it being requested by the participants.
Faircloth v. Lundy Packing
At issue is whether the appellee, an ESOP administrator, should have furnished certain documents to the appellants, three participants in the ESOP.