The plaintiffs allege the board violated their responsibilities to employees of the casino by approving $170 million in debt the ESOP took on to purchase Casino Queen stock. "The complaint alleges that the ESOP transaction was designed and executed to benefit the Casino Queen's prior owners and executives while providing only a hollow promise to employees," Yau said. That’s what happened in 2012 when the newly formed Casino Queen ESOP borrowed money to buy the casino from a group of private investors. An ESOP trust was started. The trust is required to repay ... Two participants in the Casino Queen Employee Stock Ownership Plan have filed a lawsuit against CQ Holding Co. alleging ERISA violations. ESOP participants deal ERISA lawsuit to Casino Queen Skip...
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