Worker Behind $198M Stock Buy Suit Not Hurt, 4th Circ. Told

By Adam Lidgett (June 11, 2020, 4:52 PM EDT) -- An employee stock ownership advocacy group urged the Fourth Circuit not to revive a construction company worker's suit challenging her retirement plan's $198 million purchase of allegedly overvalued company stock, arguing she hadn't shown she was harmed by the deal.

The National Center for Employee Ownership filed an amicus brief on Tuesday arguing the appellate court shouldn't disturb the dismissal of Choate Construction Co. employee Sharon Lee's suit claiming Argent Trust Co. didn't properly vet the purchase of her employer's stock. The American Society of Appraisers also filed an amicus brief on Tuesday arguing against reviving the case but filed a...

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