The Vermont Supreme Court has overturned a nearly $1.5 million judgment in a lawsuit involving a man who claims an e-commerce company cheated him out of a portion of phantom stock he owned in the business.
The court overturned the ruling of a lower court that had said MyWebGrocer was required to pay former employee David Tanzer.
The Burlington Free Press reports Tanzer said he received 25 percent less for his phantom stock after he was fired in 2008. The type of stock has no value until a company is sold or goes public. Private equity firm HGGC bought MyWebGrocer for about $190 million in 2013.
Rich Tarrant Jr. and his brothers, the company's founders, say the ruling shows their stock agreement was right.
Tanzer says he's considering retrying the case.
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