louisiana4liberty
10-12-2011, 05:44 PM
Please pass this on to the Herman Cain bus jumpers...
Herman Cain, a former co. board member at Aquila, and others were accused of violating Federal ERISA rules in regard to Aquila's defined contribution plan(retirement plan). The suite alleged that board members were touting company stock ownership in the retirement plan while engaging in new highly risky and questionable energy trading schemes that ultimately wrecked the shareholder value of the business. This ultimately destroyed the employee retirement fund(approx. 7,000 current and former employee participants).
The co. ultimately settled the suit for 10.5 million and admitted to no wrong doing(the ole corporate sleazy way!). See link> http://www.bizjournals.com/kansascity/stories/2007/07/23/daily32.html
Remember Enron's co. leaders rallying the employees to buy into company stock? Well this happened after that. This was, at best, terrible stewardship and flies in the face of good leadership.
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Hey Herman,
How about them Internets? OUCH!
L4L
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- See link to a well written article on the topic, courtesy of motherjones.com. http://motherjones.com/politics/2011/05/herman-cain-aquila-lawsuit-2012
- The class action lawsuit where he was named as a defendant>>PDF FILE of the lawsuit>> https://motherjones.com/files/1232_cid_3_amended_consolidated_complaint.pdf
Herman Cain, a former co. board member at Aquila, and others were accused of violating Federal ERISA rules in regard to Aquila's defined contribution plan(retirement plan). The suite alleged that board members were touting company stock ownership in the retirement plan while engaging in new highly risky and questionable energy trading schemes that ultimately wrecked the shareholder value of the business. This ultimately destroyed the employee retirement fund(approx. 7,000 current and former employee participants).
The co. ultimately settled the suit for 10.5 million and admitted to no wrong doing(the ole corporate sleazy way!). See link> http://www.bizjournals.com/kansascity/stories/2007/07/23/daily32.html
Remember Enron's co. leaders rallying the employees to buy into company stock? Well this happened after that. This was, at best, terrible stewardship and flies in the face of good leadership.
---------------------------------------------------------------------------------------------------------------------------------------------------
Hey Herman,
How about them Internets? OUCH!
L4L
---------------------------------------------------------------------------------------------------------------------------------------------------
- See link to a well written article on the topic, courtesy of motherjones.com. http://motherjones.com/politics/2011/05/herman-cain-aquila-lawsuit-2012
- The class action lawsuit where he was named as a defendant>>PDF FILE of the lawsuit>> https://motherjones.com/files/1232_cid_3_amended_consolidated_complaint.pdf