Tuesday, September 16, 2008

Employees in LA file class action lawsuit against Zell, Tribune *

From LAObserved : "... lawyers representing current and former Los Angeles Times newsroom staffers are filing a class-action federal lawsuit against Sam Zell and Tribune this morning in Los Angeles, alleging breaches of fiduciary duty, conflicts of interest and other violations of ERISA, the law that safeguards the proper handling of retirement benefits like pensions and trusts."

Interesting timing, given the current crisis in our financial systems. And how will this economic wreck effect Tribune's bank loans and, more importantly, the ESOP?

* WSJ: Six current and former Times employees, including Pulitzer Prize-winning auto critic Dan Neil, former wine and food critic Corie Brown, and former legal affairs writer Henry Weinstein, filed the lawsuit. Document here.

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