Suit Against U.S. Sugar Dismissed

A lawsuit against U.S. Sugar Corp. has been dismissed as moot. The lawsuit was filed by shareholders of the company as a part of a class action lawsuit.

The suit alleged that company executives deprived the shareholders of the ability to sell their shares by refusing to entertain buyout offers.

The lawsuit alleged thirteen counts including breach of fiduciary duty and violations of the Employee Retirement Income Security Act (ERISA). Specifically, the suit alleges that by failing to inform the shareholders of the buyout offers, the company was able to keep the stock price low. Thus, the shareholders argue, they were unable to sell their shares at a significant profit.

The suit was dismissed, because the plaintiffs failed to exhaust their administrative remedies prior to bringing the lawsuit in Federal Court.

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