Former Radiance Technologies employees failed to advance their lawsuit accusing company insiders of thwarting a sale of the Alabama defense contracting firm that would have boosted the value of their employee stock ownership plan accounts.
The US District Court for the Northern District of Alabama on Thursday dismissed the entirety of the eight-count lawsuit, saying the workers’ state law claims are either preempted by the federal Employee Retirement Income Security Act or fatally flawed based on a lack of standing.
Their ERISA claims also fail, Judge Corey L. Maze said, because they failed to exhaust the plan’s internal appeals ...