Jan 31, 2008 12:42 pm US/Eastern
U.S. Sugar Hits Sour Note With Employees
WEST PALM BEACH (CBS4) ―
Some employees of U.S. Sugar have gone sour on their boss.
Employee shareholders of the Clewiston based cane sugar producer have filed a federal class action suit for $150-million claiming they were "wrongly cheated."
U.S. Sugar Corporation, the nation's largest cane sugar producter, is a privately held company owned largely by its employees and former employees.
The lawsuit claims the company's board failed to inform shareholders of two lucrative buy-out offers before they rejected them.
U.S. Sugar farms about 160,000 acres around the Everglades, produces about 700-thousand tons of sugar a year and has 1,700 employees.
(© 2010 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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