Thursday, December 11, 2008

Tribune ESOP Under Investigation

Can't really verify if this is true, but a group called the Injury Board states that Tribune is under investigation (by whom I do not know, but presumably the federal government?) for possible violations involving its ESOP.

The story out of California alleges there may have been a "breach of fiduciary duties of loyalty and prudence to the plan's participants" connected with the possible purchase of over valued company stock and over leveraging the ESOP with debt. See violations...

The Injury Board states it is a group of personal injury law firms. Obviously, they want to represent Tribune employees who have been "injured."

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