Montgomery v. Aetna Plywood, Inc.

MEMORANDUM OPINION AND ORDER

HART, District Judge.

In this class action, former participants in the Aetna Plywood, Inc. Employee Stock Ownership Plan (the “ESOP”) claim that defendants breached their fiduciary duties when defendant Aetna Plywood, Inc. (“Aetna Plywood”) repurchased its stock from the ESOP for an allegedly undervalued price. The individual defendants were all trustees of the ESOP during the pertinent time period. In a proposed amended complaint, they are also alleged to have been directors of Aetna Plywood during the pertinent time period. Counts I and II assert breach of…