Robert Richards v. General Motors Corporation General Motors Savings-Stock Purchase Program for Salaried Employees in the United States

MERRITT, Chief Judge.

For three years, plaintiff back-dated quarterly stock transfers and purchases under GM’s employee savings plan because the local plan administrator told him to do so. This procedure potentially would allow plaintiff to gain windfall profits by purchasing stock as of an earlier date after it had risen in value. For this conduct, GM discharged him and other employees who had followed the same practices, as well as the local plan administrator who authorized the back-dating.

Plaintiff sued General Motors and its employee savings plan for wrongful discharge and intentional…