Lifetouch Directors Sued Over Company Stock in Retirement Plan

Employees of photography company Lifetouch Inc. suffered “hundreds of millions of dollars” in damage by investing in the company’s employee stock ownership plan over the past several years, a new proposed class action alleges.

The lawsuit, filed March 1 against individual members of Lifetouch’s board of directors, says workers who invested their retirement savings in the company’s ESOP weren’t protected from losses as the company struggled to adapt to the age of digital photography. The company stock held in Lifetouch’s ESOP declined by more than $840 million between 2015 and 2018, representing an average loss of more than $22,000 in ...