Laemmar v. J. Walter Thompson Co.

SWYGERT, Chief Judge.

Plaintiffs were employees-at-will of defendant J. Walter Thompson Company for many years. Between the years of 1958 and 1961, plaintiff Laemmar purchased 1,000 shares of Class B common stock of the defendant corporation as trustee of certain short term trusts for the benefit of his children. Plaintiff Sartoris purchased 650 shares of the same stock between 1953 and 1961. It is undisputed that all of such stock purchases were subject to an option retained by defendant to repurchase the stock if plaintiffs’ employment were terminated for any reason.

Plaintiffs allege that…