Azon ESOP Litigation
Practice Area: ERISA successClass action lawsuit settled for $9.35 million in a case filed on behalf of approximately 500 Azon ESOP participants and their beneficiaries alleging the ESOP overpaid for Azon Stock in a September 1999 $25 million Transaction, caused Azon to assume more debt than it could service and that by doing so, the Transaction destroyed the value of existing shares held by the ESOP, and helped drive Azon into bankruptcy.