Buyback Padded Founders' Pockets, Travel Co. Workers Say

By Ethan Beberness (May 12, 2021, 5:14 PM EDT) -- A proposed class of World Travel Inc. employees has accused Prudent Fiduciary Services and its owner of overpaying for a $200 million stock buyback from the company's founders by saddling the employee ownership plan with "tens of millions" of dollars in debt.

The complaint, filed by employees of the travel agency on Tuesday in Pennsylvania federal court, claims plan manager Prudent and owner Miguel Paredes mishandled a 2017 stock buyback by allowing three stockholders, World Travel founders James A. Wells, James R. Wells and Richard G. Wells, to sell their shares back to Prudent at above market value while retaining control...

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!


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?
Ask a question!