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.
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