Texas Group Sues Advisers Over Competing Plant Bid

Law360, New York (March 18, 2011, 7:47 PM EDT) -- Former employees of a polymers plant in Odessa, Texas, sued their investment advisers Tuesday for allegedly pulling out of an agreement to help buy the plant and using confidential information to put together a competing bid.

The Rexene Employee Association filed the suit in the District Court for the 70th Judicial District of Texas, Ector County, claiming breach of contract, breach of fiduciary duty, tortious interference, fraud and trade secrets theft by investment advisers Wexford Capital LP and RCP Inc.

At issue is the sale of...
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