MONTPELIER, Vt. (AP) - The Vermont Supreme Court has reversed a nearly $1.5 million judgment in a lawsuit involving a man who says an e-commerce company cheated him out of a portion of phantom stock he owned in the business.
The ruling overturned a lower court decision that had said MyWebGrocer was required to pay former employee David Tanzer, the Burlington Free Press reported.
Tanzer said he received 25 percent less for his phantom stock after he was fired in 2008. The type of stock has no value until a company is sold or goes public. Private equity firm HGGC bought MyWebGrocer for about $190 million in 2013.
Rich Tarrant Jr. and his brothers, the company’s founders, said last week’s ruling shows their stock agreement was right.
“We treat our employees fairly and pride ourselves on that, which is why this is so important and why it being unanimous is so important,” Rich Tarrant said.
Tanzer said he and his lawyer are considering retrying his claims.
“Obviously we’re unhappy with the decision and we don’t think it’s correct,” he said. “The fact is two Superior Court judges who heard the evidence themselves agreed with us, and a jury of 12 people who listened to a five-daylong trial agreed with us.”
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Information from: The Burlington Free Press, http://www.burlingtonfreepress.com
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