KPC, Alerus Fight Class Cert. Bid In $227M Stock Buy Suit

By Emily Brill (July 1, 2021, 5:39 PM EDT) -- KPC Healthcare Holdings Inc. and Alerus Financial NA have urged a California federal judge to reject a former KPC employee's request for class certification in a suit alleging the health care company and asset manager botched a $227 million purchase by KPC's employee stock ownership plan.

The companies argued Wednesday that former KPC medical coder Danielle Gamino shouldn't be allowed to represent the ESOP's current participants in the Employee Retirement Income Security Act litigation because she cashed out her shares in the plan in 2018, according to KPC.

"There is a direct conflict between plaintiff's immediate interests, on one hand, and...

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