In the recently settled lawsuit, plaintiffs alleged YRC Worldwide Inc. improperly managed its retirement plan by investing in YRC stock even though the company's financial situation was declining. The value of YRC stock reportedly decreased, causing losses to plan assets. According to Kansas City Business Journal (11/09/11), YRC agreed to settle the lawsuit for approximately $6.5 million, although the settlement must still be approved by a judge.
The lawsuit reportedly combined four separate lawsuits filed in 2009 and 2010 by current and former YRC Worldwide employees.
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Approximately one year after employees of the Tribune became owners through the ESOP buyout, the Tribune Company filed for bankruptcy protection.
The Tribune Company owns the Chicago Tribune, the Los Angeles Times and other media outlets. The media company was initially included in the lawsuit but dropped after it declared bankruptcy. A final hearing regarding the settlement is scheduled on January 30, 2012.
Sam Zell, who orchestrated the deal, has said he is not responsible for the financial collapse of the Tribune Company. At the time the Tribune Company filed for bankruptcy protection, it was reportedly $13 billion in debt.