Jack Nelson Among Current, Ex Tribune Co Staffers Suing Zell; Claim ‘Scam’
Current and former members of the Tribune Co. Employee Stock Option Plan (ESOP) and various retirement programs sued Sam Zell in U.S. District Court Central District of California Tuesday, as David mentioned earlier today. Plaintiffs include retired Washington bureau chief Jack Nelson; legal affairs vet Henry Weinstein; Pulitzer-winning auto columnist Dan Neil; former LAT reporter Walter Roche Jr.; former investigative reporter Myron Levin; and food and wine write Corie Brown. The stated goal of the class-action suit, which has to be certified to represent the class of Tribune employees: “to protect Tribune Company’s pension and retirement funds; to give the employee-owners a place at the table with regard to management of their assets; and to remove Zell and his cronies from the Tribune Company’s board in order to save what is left of a still great news gathering operation.”
You may recall that Zell took Tribune private by using the ESOP, which now owns the company. The plaintiffs call this a “scam” and contend that the deal contravenes laws mean to help workers. Release. Portfolio has posted the full 115-page complaint.
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