Several former and current Los Angeles Times employees filed a lawsuit yesterday against Tribune Co., and its chief executive, Sam Zell. According to an article in the Times, the lawsuit claims the reckless management is destroying the value of the company and that Zell and former Tribune CEO Dennis J. FitzSimons “devised a plan to take the company private to enrich themselves to the detriment of employees.” A WSJ article points out the lawsuit also claims Zell and other Tribune officials0 “have improperly raided worker pension funds.”
Here’s the PDF copy of the complaint, obtained by ERSNews.
The plaintiffs seek to recover losses to the employee stock-option plan (ESOP), replace the Tribune board of directors and the ESOP trustee, and a full accounting of pension plan assets.