Billionaire-owned hearing aid company Starkey Hearing Technologies is facing a lawsuit over their employee stock ownership plan by mtindera07
Billionaire owner and CEO of Starkey Hearing Technologies Bill Austin speaks at the Starkey Hearing Foundation Center For Excellence in 2017 in Eden Prairie, Minnesota.Three former employees of America’s largest hearing aid manufacturer, Starkey Hearing Technologies, are suing the company and a group of its current and former executives for failing to uphold their fiduciary duties tied to an employee stock ownership program.
This suit comes a year after former Starkey president Jerry Ruzicka and a business associate were found guilty of fraud and charges tied to stealing over $15 million from the hearing aid giant. that the ESOP owned 7% of the company, while Austin owned the other 93%. The lawsuit’s complaint says that the fiduciaries had a duty under ERISA to bring a derivative action to get the ESOP’s allegedly stolen funds back.
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