Chrysler CEO Nardelli Faces Class Action Lawsuit Stemming from H. Depot Years

[Murrow]

Employee class action suit against Home Depot revived


By RACHEL TOBIN RAMOS
The Atlanta Journal-Constitution

Published on: 08/04/08

A class action lawsuit filed by Home Depot employees against former company CEO Robert Nardelli and several directors has a new lease on life.

The case has been revived by a federal appellate court decision that gives a life line to the retirees while being pro-business, said two lawyers who studied the case.

The lawsuit, possibly worth tens of millions of dollars to current and future retirees, alleges that Nardelli, and other directors like co-founder Ken Langone, mismanaged the employees' defined contribution plan by purchasing Home Depot stock even though the executives backdated stock options. As a result, the suit claims, Home Depot's share price deflated when the backdating schemed was revealed, making the value of the employees' stock portfolio plummet.

http://www.ajc.com/business/content/...ge_tab_newstab

[johnstarnes]

Good.....Nardelli is scum....trashed morale at my Home Depot after freezing merit raises "to save money", firing career people who objected, then left the company with a one third BILLION dollar 'golden parachute'. Send him and The Decider and Darth Cheney off to Abu Ghirab. I rarely harbor hate energy but I would spit on all three if given the chance...or order them waterboarded to get the bottom of a few matters like Darth's secret energy meetings, 9-11, the tampering of the 2004 elections, how Nardelli got sweet heart deals from Dubya after huge campaign donations. End of rant.

[megeebee]

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All of the above.


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[LeSabre]

GOOD!
I hope that Nardelli gets nailed to the wall for this, perhaps even some prison time along w/very hefty fines & reinburstment to the plaintiffs. Time for Nardelli & the other defendants in this case to visit hell on earth!

Should Nardelli(at least) get prison time, then hopefully Cerebrus will get someone else that is more worthy to lead Chrysler's turnaround or fill in some high management spot should they move Press or Lasorda to CEO.

As to "Darth" Cheney, I would never give **** Cheney(or G.W. Bush) the satisfaction of being a Darth/Dark Lord. I think that it would taint that part of the Star Wars universe.
I agree that Cheney(& Bush too) is a guilty ******* of a crook & should be impeached w/Bush. But that's a whole other hot issue story for the "Snake Pit" section.

Back to thread topic!

[A Clue]

Keep in mind, Nardelli only gets paid from Chrysler if he performs/produces profits. Hi salary is 1.00 dollar a year apparently.

[LeSabre]

Originally Posted by A Clue

Keep in mind, Nardelli only gets paid from Chrysler if he performs/produces profits. Hi salary is 1.00 dollar a year apparently.

Well he won't get anything if he is sent to prison.

Providing that the judgement of the initial court finds him guilty & sentences him to prison(along w/fines & restitution) & this decision is upheld by other/higher courts as I suspect that he'd appeal the original court's judgement.

Besides, he doesn't need anymore money. He in a sense "raped" Home Depot when he was their CEO.