RICHARDS v. GENERAL MOTORS CORP.

No. 92-1500.

991 F.2d 1227 (1993)

Robert RICHARDS, Plaintiff-Appellant, v. GENERAL MOTORS CORPORATION; General Motors Savings-Stock Purchase Program for Salaried Employees in the United States, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided April 5, 1993.


Attorney(s) appearing for the Case

Michael J. Forster (argued and briefed), Saginaw, MI, for plaintiff-appellant.

Francis S. Jaworski, Stuart R. Cohen (argued and briefed), General Motors Corp., Detroit, MI, for defendants-appellees.

Before: MERRITT, Chief Judge, and MARTIN and MILBURN, Circuit Judges.


MERRITT, Chief Judge.

For three years, plaintiff back-dated quarterly stock transfers and purchases under GM's employee savings plan because the local plan administrator told him to do so. This procedure potentially would allow plaintiff to gain windfall profits by purchasing stock as of an earlier date after it had risen in value. For this conduct, GM discharged him and other employees who had followed the same practices, as well as the local plan administrator who...

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