Stiefel Must Pay Sales Rep $1.5M In ERISA, Fraud Suit

Law360, New York (May 17, 2012, 6:42 PM EDT) -- A Florida federal jury on Wednesday ordered Stiefel Laboratories Inc. to pay $1.5 million for tricking a former sales representative into selling Stiefel shares back to the company at artificially low prices shortly before it was bought by GlaxoSmithKline PLC.

The jury found that Stiefel and its former head, Charles W. Stiefel, were liable for claims of Employee Income Retirement Security Act violations and fraud brought by Timothy Finnerty, who had been a sales representative at the company for 20 years. The plaintiff said he was...
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