Judge tosses Scooter Store lawsuit

Tuesday, October 29, 2013

NEW BRAUNFELS, Texas – Senior U.S. District Judge Harry Lee Hudspeth has tossed a lawsuit filed by former employees of The Scooter Store seeking damages over the falling value of their stock ownership plan, the San Antonio Express-News reports. Filed last spring, the lawsuit called for restoring the value of their employee stock ownership plan, which tumbled from $36.9 million in 2008 to $8.5 million in 2009. Former employees alleged company founder Douglas Harrison, Principal Life Insurance Company and First Banker Trust Services breached their fiduciary duty by not diversifying the plan. The $7 million remaining in the fund will be disbursed to former employees, according to the Express-News.