Employees Get Class Cert. In ERISA Suit Over Stock Sale

Law360, New York (April 26, 2016, 10:00 PM EDT) -- A New York federal judge granted certification Monday to a class of more than 300 former employees of municipal services providers who claim they got short shrift on their retirement savings when their parent company’s CEO exercised an option to buy up $4 million of the company’s stock.

In granting class certification to the former members of Long Island-based Atrium Management Services Inc.’s employee stock plan, U.S. District Judge Sandra F. Feurstein found their allegations stem from the $4 million sale of Atrium’s stock in December 2011 to CEO Peter Dejana and an affiliate company, a sale the class says shorted...

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