Sam Zell Must Face Tribune Employees’ Lawsuit Over Pension Plan

By Andrew M. Harris

Dec. 19 (Bloomberg) -- Sam Zell, the real estate investor who took the Chicago-based Tribune Co. private in an $8.3 billion stock buyback two years ago, must face an employee lawsuit claiming he knowingly violated federal pension laws.

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As many as 10,000 workers may have lost money as a result of how the shareholder buyout was executed, said Daniel Feinberg, an attorney for the employees in Oakland, California. While only six workers are named as plaintiffs in the suit, he said he will seek class-action certification to sue on behalf of other employees.

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The case is Neil v. Zell, 08cv6833, U.S. District Court, Northern District of Illinois (Chicago).

Complete article can be read at Bloomberg