Heir seeks to enforce stockholder buyback after mother’s death

By Robert Hadley | Apr 13, 2016

WHEELING – A Ohio County man is suing an oil and metals recycling firm to enforce an agreement that allegedly stipulates the company must repurchase stock once a stockholder is deceased.

Scott D. Reed, administrator and personal representative of the estate of Roxanne A. Reed (also known as Roxanne Ashbridge Reed), filed a lawsuit April 8 in Ohio Circuit Court against Environmental Protection Services Inc.; Mark E. Fogel and William B. Wright Jr., as co-trustees of the Robert E. Ward III irrevocable trust; and Keith R. Reed and Robert E. Ward III; alleging breach of contract and failure to adhere to fiduciary duty.

According to the complaint, after the death of Roxanne Reed, who inherited 50 shares of EPS stock, the defendant was obligated to repurchase her shares, totaling $692,750 based on the firm’s most recent valuation. Reed’s son, Scott, claims the defendant is trying to avoid repurchasing his mother’s shares due to an alleged downturn in the commodities markets.

Reed seeks a judgment enforcing the stockholder agreement, plus punitive and compensatory damages and litigation costs. He is represented by attorneys Allen M. Lopus and Monica S. Walaan of Clark Hill PLC in Morgantown.

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