As many as 200 former employees of Vann’s Inc. will split $7.3 million under a settlement agreement in a lawsuit against former corporate officers.
The Missoulian reported that the notice of settlement of the employees’ lawsuit was filed in federal court in Missoula last week.
Employees had alleged that they lost $9.2 million due to gross mismanagement of the retail appliance store by former CEO George Manlove and former CFO Paul Nisbet.
According to the court, the terms of the settlement were mistakenly filed in an open exhibit along with the settlement. The court later sealed the document. The newspaper reported it was not immediately able to reach lawyers in the case.
Vann’s filed for bankruptcy in 2012 and is now defunct.
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