Community Calendar 
Alerts 
Jeld-Wen Hit With Lawsuit
Jeld-Wen is the target of a 650 thousand dollar lawsuit...filed by three former employees, who claim adjustments by the company reduced the value of their retirement packages.
The suit was filed in federal court in Medford on Wednesday.
The lawsuit claims that retroactive amendments made by Jeld-Wen to their employee stock ownership plan, or 'ESOP', were in violation of federal laws outlined in the 'employee retirement income security act of 1974', or 'ERISA'.
The suit claims those who retired prior to age 55 would receive benefits based on stock values at the time of their retirement.
Jeld-Wen made an adjustment in 2010 to base those benefits at current stock value...a drop of nearly 69%.
That would reduce the value of plaintiff Robert Jimerson's benefits by more than 490 thousand dollars, Philip Belloti's by more than 67 thousand dollars, and Bradley Snodgrass' benefits by more than 86 thousand dollars.
Jeld-Wen officials told KOBI that they will not comment on the lawsuit.
None of the plaintiffs currently live in the Klamath Falls area.
While only three plaintiffs are listed in the lawsuit, the outcome could trigger more legal challenges by others who are enrolled in Jeld-Wen's stock option retirement plan.
The suit lists Jeld-Wen President Rod Wendt and Vice-President Ron Saxton as primary defendants.
The plaintiffs are represented by the Washington D.C. law firm of Cohen, Milstein, Sellers, and Toll.
About the Author
Lyle Ahrens
KOTI-TV NBC2 reporter Lyle Ahrens moved from Nebraska to Klamath Falls in the late 1970's. He instantly fell in love with the mountains, the trees and the rivers, and never once regretted the move.
Lyle's job history is quite colorful. He’s managed a pizza parlor; he’s been a bartender, and a “kiwifruit grader” at an organic orchard in New Zealand. A Klamath Falls radio station hired Lyle in the mid 90's as a news writer and commercial producer. In 2004, Lyle joined the KOTI/KOBI news operation.
Lyle notes with pride that he has a big responsibility presenting the Klamath Basin to a wide and varied audience. "The on-going water crisis has underscored the fact that the people and the issues in the Klamath Basin are every bit as diverse as the terrain. Winning and keeping the trust of the viewers, as well as the newsmakers, is something I strive for with each story".
When he's not busy reporting the news, Lyle enjoys astronomy, playing guitar, fixing old radios and listening to anything by Sheryl Crow.
This email address is being protected from spambots. You need JavaScript enabled to view it.
(541) 779-5555
This email address is being protected from spambots. You need JavaScript enabled to view it.
125 South Fir Street
Medford, OR 97501
Comments (2)
Please excuse my slow-witted dimness. I'm not understanding the complaint. Excuse my errors, but in effect folks are enrolled in like a 401K retirement program, limited to in-house Jeld-Wen stock, valued at retirement date? And, during a period of excessive low stock value (2010), Jeld-Wen changes the rules and says that employees get their payout based on the low 2010 evaluation, rather than whatever the stock may be worth at their time of actual retirement. Is that sorta/kind right?
Seems thats super cool if the stock drops even lower, sucks big time if the stock may be headed up. Let's not even mention that stock prices can be artificially manipulated. Is that what this is about? Or am I missing something/
No you are right. JW was known for manipulating the stock price and other prices. Now they want to get out of paying an obligation while Dick Wendt is a billionaire and the other executives are millionaires.