Lawsuits targeted board, Cain over retirement fund
Posted in the Ames Forum
#1 Nov 21, 2011
ATLANTA (AP)— Republican Herman Cain served on the board of a Midwest utility company that paid $10.5 million to settle claims it failed to protect the retirement savings of its employees and paid another $26.5 million over claims it manipulated gas prices, potentially embarrassing episodes for a candidate running for president on his business experience.
Cain sat on the board of directors for Aquila Inc., a Kansas City-based utility, from 1992 until it was acquired in 2008 by Great Plains Energy Inc. Employees alleged in a class-action lawsuit that they were pressured into investing their retirement funds and other savings into company stock. Cain has been forced to answer questions on the campaign trail about the lawsuit, which was reported by Mother Jones magazine in May.
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