Some 3,000 former Wawa employees seek compensation for losses incurred due to an alleged policy change.
Former Wawa employee, Greg Pfiefer, has proposed a class-action lawsuit against the c-store chain.
According to a report from Philly Voice, Pfiefer, who worked for Wawa from 1992-2009, has claimed that Wawa has defaulted on an agreement to allow departed workers to retain their company stock as the value grows. Pfiefer worked first as a retail associate and later in the point-of-sale division at Wawa’s Pennsylvania headquarters.
Formerly, Wawa had an agreement that allowed its former employees to keep their growing stock until they retire or turn 68, when they are required to cash out their stocks. Pfiefer and his attorney, Daniel Feinberg, claim that Wawa changed its policy in August 2015, forcing former employees to sell and prohibiting those who leave the company in the future from keeping company stock.
The Philly Voice article describes that the value of Wawa’s current shares is approximately $7,652 per share; thus, Pfiefer, who is now in his forties, has been denied at least $30,000 in retirement income since he was forced to sell his stock last August.
Over 3,000 employees are to be covered in the class-action suit, and the alleged violation of Wawa’s Employee Retirement Income Security Act has cost this class more than an estimated $20 million.
The class is seeking compensation for losses suffered due to the alleged policy change, along with the reversal of the alleged rule that prohibits former employees from keeping their company stock. Also, the plaintiffs are calling for Wawa to replace its retirement plans committee with an independent fiduciary.
