On April 13, 2022, the judgment in Foster v. Adams and Associates, Inc. (N.D. Cal. Case No. 18-02723-JSC) will become final and the settlement fund will be distributed to class members. The Class alleged that the owners of Adams and Associates, Inc. (AAI) sold their stock to the Adams and Associates, Inc. ESOP for more than fair market value in a 2012 transaction. Several of AAI’s key contracts were either ending or at risk at the time of the ESOP transaction because the U.S. Department of Labor had adopted a policy of setting aside Job Corps Center contracts for small business operators. The parties agreed to a $3 million settlement. Dan Feinberg of FJWW is co-counsel for the Class.
Case News