Casino Sued Over Worker Retirement Plan's $170M Stock Buy

Law360 (April 28, 2020, 2:45 PM EDT) -- Employees of an Illinois casino were cheated out of "tens of millions of dollars" after their retirement plan severely overpaid for the casino parent company's stock in a $170 million deal, according to a new proposed class action.

Tom Hensiek and Jason Gill, who formerly worked at the Casino Queen and who had participated in the casino's employee stock ownership plan, filed an Employee Retirement Income Security Act suit in Illinois federal court on Monday. They claimed that even though the ESOP bought all of CQ Holding Company Inc.'s stock in 2012 for $170 million, the value of that stock was...

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