On February 7, 2023, we filed a lawsuit on behalf of participants in the TPI Hospitality Employee Stock Ownership Plan, (the “Plan”). The lawsuit alleges that the Plan’s fiduciaries (the Defendants in the case) violated the Employee Retirement Income Security Act (ERISA) by acquiring stock from the Plan for less than market value, to the detriment of the Plan and its participants.

The lawsuit seeks to recover the Plan’s financial losses and other equitable relief. For a copy of the Complaint, click here.

This case is entitled Kloss v. Argent Trust Co., et al., Case No. 0:23-cv-00301 (D. Minn.)