July 8 2003
A class action lawsuit has been filed against Touch America's top four executives -- Bob Gannon, Michael Meldahl, Jerry Pederson and Michael Zimmerman, the company's 10 board members and Nightingale, LLC, of Stamford, Conn., a company that has been advising Touch America. The suit was filed on behalf of 216 of the bankrupt company's former employees, claiming that they were illegally laid off on June 18. The suit alleges that the defendants were negligent and failed to uphold their fiduciary responsibility to the plaintiffs under the federal Workers Adjustment and Retraining Notification Act. The plaintiffs are claiming for compensatory and punitive damages, which are estimated to be approximately $6 million dollars.
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