ERISA Violations/Retirement Fund Mismanagement

Noteworthy Cases

Los Angeles Times / Zell
USDC Northern District of Illinois
CPM successfully represented current and former journalists of the Los Angeles Times in a lawsuit filed against Sam Zell, the Tribune Company, and others for breaches of fiduciary duties, violations of ERISA, improper valuation and misuse of employee pension fund assets and conflicts of interest. The suit also successfully alleged that Tribune Company employees, who technically owned the company through the Tribune's Employee Stock Ownership Plan ("ESOP"), had been damaged by the company's go-private transaction and by the subsequent mismanagement and self-dealings of Tribune executives, including Sam Zell. The value and products of the employee-owned company were diminished as a result. CPM subsequently received approval for a $32 million settlement for the employees' retirement plan.