A motion to throw out ESOP allegations against Stiefel Laboratories Inc. has been granted relative to three plaintiffs' claims and denied relative to a fourth's by a federal court in Atlanta.
SLI was a privately held pharmaceutical company until July 2009, when GlaxoSmithKline bought it.
In 1975 the family-owned company established a defined contribution plan that incorporated shares of company stock in separate accounts for employees, which they could sell to the company at a qualifying event, like retirement, or the death of a family member.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
