James A. Bacon v. Stiefel Laboratories, Inc.

**Bacon v. Stiefel Laboratories: Court Rules Against Employee in Stock Sale Dispute** This case involved a dispute over company stock benefits. James Bacon, an employee at Stiefel Laboratories, had the right to sell his company stock back to the company under an employee stock plan. However, there was disagreement about whether Bacon had properly followed the required procedures to exercise this "put right" - essentially his option to force the company to buy back his shares. Bacon argued that he hadn't completed all the paperwork correctly according to the plan's strict requirements, so the sale shouldn't count. The company's plan administrator disagreed and said Bacon had indeed exercised his right to sell the stock. The Eleventh Circuit Court of Appeals sided with the company. The court ruled that the plan administrator was correct - Bacon had exercised his put right, even if he hadn't followed every procedural detail perfectly. **What this means for workers:** This ruling shows that courts will generally support company benefit plan administrators' decisions, even when employees claim they didn't intend certain actions. Workers should carefully understand their employee stock plans and get help before making decisions, as courts may not allow "do-overs" if you change your mind about exercising stock options or similar benefits.