Reliance Trust Can't Kick Employee Stock Suit To Arbitration

Law360 (November 14, 2019, 5:59 PM EST) -- Reliance Trust Co. should face a proposed class action accusing the company of allowing RNVB Holdings Inc. workers to grossly overpay for their employer's stock in federal court, not in arbitration, a Texas federal magistrate judge recommended Wednesday.

U.S. Magistrate Judge Caroline Craven said that the former workers of the storage and moving company made the case that Reliance added an arbitration clause to their 2012 employee stock ownership plan without telling them, only after they filed the suit in federal court alleging Reliance violated the Employee Retirement Income Securities Act by making workers pay too much — $85 million —...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!