News Employees Sue Tribune Company
In an opinion issued last Thursday, U.S. District Court Judge Rebecca Pallmeyer will allow a suit by employees of the Tribune Company to proceed against company chairman, real estate investor Sam Zell and the Greatbanc Trust Company, over the stock buy back plan that plaintiffs claim drove the company into bankruptcy. Employees claim that when Zell took the Chicago-based Tribune Co. private in an $8.3 billion stock buy back in 2007, the action violated federal pension protection laws....