The NYT reports on the management of retirement plan of U.S. Sugar Company. The article reports that the company, which is largely worker-owned, cashed out workers shares at a price that was well below the value of a takeover offer that the company had received.
According to the article, the workers were not informed of the takeover offer. Because the company's stock is not publicly traded, the workers did not realize the true value of the stock at the time they cashed out their holdings. There are hundreds of other companies with comparable worker-ownership arrangements where the same sort of abuses could arise. This is nice piece of investigative journalism.
Unlike many news organizations, the Prospect has remained staunchly committed to keeping our journalism free and accessible to all. We believe that independent journalism is crucial for a functioning democracy—but quality reporting comes at a cost.
This year, we’re aiming to raise $75,000 to continue delivering the hard-hitting investigative journalism you’ve come to expect from us. Your support helps us maintain our independence and dig deeper into the stories that matter most.
If you value our reporting, please consider making a contribution today. Any amount helps secure our future and ensure we can continue holding power to account.
