Charles S. FOLTZ, et al., Appellants,
v.
U.S. NEWS & WORLD REPORT, INC., et al.
Charles S. FOLTZ, et al.,
John Kirby, Appellant,
v.
U.S. NEWS & WORLD REPORT, INC., et al.
David B. RICHARDSON, et al., Appellants,
v.
U.S. NEWS & WORLD REPORT, INC., et al.
United States Court of Appeals, District of Columbia Circuit.https://leagle.com/images/logo.png
Argued October 3, 1988.
Decided January 13, 1989.
Attorney(s) appearing for the Case
Alan Raywid and Joseph M. Butler, with whom Margaret E. Haering, John D. Seiver, Susan Paradise Baxter, Washington, D.C., for Charles F. Foltz, and George A. Bangs, Rapid City, S.D., for David B. Richardson, et al., were on the brief, for appellants in 87-7151, 87-7152 and 87-7153.
Lawrence J. Latto, Leslie A. Nicholson, Jr. and Willis B. Snell, with whom William R. Galeota, Patrick M. Hanlon and Julie M. Edmond, for Profit Sharing Plan of U.S. News & World Report, Inc., et al.; Hannah E.M. Lieberman and Thomas J. Catliota, for U.S. News & World Report, Inc., and The Madana Realty Co.; Steuart H. Thomsen, for American Appraisal Associates, Inc.; Richard J. Wertheimer, Hadrian R. Katz and Edward L. Wolf, Washington, D.C., for director defendants; and Nell B. Strachan, Baltimore, Md., and William D. Quarles, Washington, D.C., for Mercantile Safe Deposit & Trust Co., were on the brief, for appellees in 87-7151, 87-7152 and 87-7153. Mark E. Newell, Washington, D.C., also entered an appearance for appellee Fred Drasner, in 87-7151.
Before EDWARDS, BUCKLEY and WILLIAMS, Circuit Judges.
United States Court of Appeals, District of Columbia Circuit.
Opinion for the Court filed by Circuit Judge WILLIAMS.
STEPHEN F. WILLIAMS, Circuit Judge:
Appellants are former employees of U.S. News & World Report, Inc. All retired between 1974 and 1982. At their retirements, U.S. News exercised its option to purchase the shares in the company that each had received as part of a stock bonus program. In addition, the U.S. News Profit-Sharing Plan issued retirement benefits...
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