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Case ID: 2765 | Employment | 07/19/2004
A class action has been filed against Westar Energy, Inc. by employees alleging that the company violated its fiduciary duty to employees by mismanaging their 401(k) accounts through investing heavily in Westar stock, resulting in massive losses in the value of the accounts. The action is brought under the federal Employee Retirement Income Security Act (ERISA) on behalf of the participants in and beneficiaries of the plan. According to the action, Westar, between March 30, 2001, and December 26, 2002, issued a series of material misrepresentations that resulted in artificially inflating the price of the company's securities.
Employees claim that Westar failed to protect them by diversifying their accounts, failed to adequately monitor the status of their investments, failed to avoid conflicts of interest, failed to act in good faith and committed fraud. The employees claim that the defendants issued statements, which failed to disclose, or misrepresented, the following adverse facts, among others: 1. That the company had engaged in certain trades that may have violated Federal Energy Regulatory Commission (FERC) affiliate transaction rules, specifically that these transactions involved power sales from one Cleco Corporation affiliate to Westar and then back to another or the same Cleco affiliate. These transactions totaled approximately $3.4 million in 2000, $12.6 million in 2001 and $3.8 million in 2002. 2. That, as a result of improper accounting practices regarding Westar's approximately 88% ownership of Protection One, a provider of property monitoring services, first and second quarter 2002 financial earning results had to be re-audited and restated. On December 26, 2002, Westar announced in a press release that it had received a subpoena from the Federal Energy Regulatory Commission on December 16, and that in addition to seeking details on trades with Cleco and its affiliates, FERC also requested documents concerning power transactions between Westar's system and marketing operations, and information on power trades in which Westar or other trading companies acted as intermediaries. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Employment Cases of Interest A class action lawsuit has been filed in United States District Court against International Coffee and Tea, LLC. The case involves violations of federal labor law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action lawsuit has been filed in the US District Court for the Southern District of Florida against BC Baquero Construction, Inc. The case involves violations of employment law. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action lawsuit has been filed in the District Court of Southern Florida against EPT Management Company. The case involves violations of the Fair Labor Standards Act which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action lawsuit has been filed in the Southern District Court of Florida against Infinity Furniture, Inc. The case involves violations of the Fair Labor Standards Act which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. A class action lawsuit has been filed in the District Court of New Jersey against Clement-Pappas Company, Inc., a New Jersey based wholesaler, for violations of the Family Medical Leave Act (FMLA). Class members seek a declaratory judgment that the defendant's policies and practices violate the law, seek reinstatement, damages for lost income and benefits, compensation for emotional distress, anguish and humiliation, punitive and other damages, and attorneys' fees and costs. A class action lawsuit has been filed in the Middle District Court of Florida against Global Executive Mortgage, Inc., a Florida-based mortgage company, for violations of the Fair Labor Standards Act (FLSA) which establishes minimum wage, overtime pay, recordkeeping, and child labor standards affecting full-time and part-time workers in the private sector and in Federal, State, and local governments. Class members seek unpaid minimum wages, overtime compensation, damages, attorneys' fees and costs of the litigation. |
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