By Shay Totten | Vermont Guardian
posted November 7, 2005
BURLINGTON — A class action suit filed against IDX chairman and co-founder Rich Tarrant, and its other nine directors, alleges the proposed merger with General Electric is a bad deal for shareholders, and will only enrich company officials.
In addition, shareholders allege that company officials haven’t done enough to allow other companies to make a competing offer, and agreed to pay GE $43 million if the merger doesn’t happen, according to a copy of the lawsuit obtained by Vermont Guardian.
The lawsuit, filed in Chittenden Superior Court in Burlington on Oct. 24, is not yet publicly available because it has not been served to all the parties. It is also one of several lawsuits that have been filed, according to a source with knowledge of the proceedings.
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