A group of former LA Times staffers, including Walter F. Roche (a former Baltimore Sun investigative reporter) filed a class action lawsuit today in federal district court in California against Sam Zell (left), several sources are reporting.Some of you may remember Wally Roche and the great work he did at the Baltimore Sun. Public information officers all over the state of Maryland probably still remember -- and cringe -- at the thought of dealing with Wally Roche, a tireless, dogged journalist. Now, Wally Roche (and some of his high-powered journo buddies at the LAT) get to be Sam Zell's problem.
Check out LAObserved and Chicago Business for their coverage. The press release journalists put out called the $8.2 billion deal that Sam Zell put together to buy Tribune "a scam." Tribune officials didn't have a comment yet.
Much of this ESOP stuff can get really complicated. To get a sense of where the plaintiffs may be coming from, you may want to read up on some columns written by Allan Sloan, of the Washington Post. Start with this one, about what a deal to sell the Chicago Cubs might look like and how it might be structured.
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