A motion to throw out ESOP allegations against Stiefel Laboratories Inc. has been granted relative to three plaintiffs' claims and denied relative to a fourth's by a federal court in Atlanta.
SLI was a privately held pharmaceutical company until July 2009, when GlaxoSmithKline bought it.
In 1975 the family-owned company established a defined contribution plan that incorporated shares of company stock in separate accounts for employees, which they could sell to the company at a qualifying event, like retirement, or the death of a family member.
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