A federal judge rejected claims as time-barred in a suit by former employees of Technical Associates of Georgia, who said the company’s top executives secretly diluted workers’ equity in an employee stock ownership plan in order to enrich themselves.
Judge Leslie A. Gardner of the US District Court for the Middle District of Georgia on Tuesday found in favor of the defendants following a bench trial in the class action, rebuking prohibited transaction claims and claims of fiduciary breach and failure of duty to monitor under the Employee Retirement Income Security Act.
The lawsuit alleged that top officials at Technical ...