DETROIT - The United Auto Workers (news - web sites) union filed suit Thursday to force a union insurance company accused of insider trading to release a report it commissioned on the allegations. þþþThe federal court suit seeks to force Ullico Inc. to release a report by former Illinois Gov. James Thompson on claims of improper stock trading by some Ullico board members. þþþÿWe need to know the facts,ÿ UAW President Ron Gettelfinger said in a statement. ÿIf we've learned anything from Enron and other corporate scandals ... it's that shareholders must be vigilant in demanding transparency, openness and accountability from corporate officers and directors.ÿ þþþThe Justice and Labor departments and a federal grand jury are investigating the company's sale of its stock to some board members at $54 a share in December 1999 and its repurchase of those shares at $146 a share in November 2000 before the stock plummeted in value. þþþÿUllico, which is owned by America's labor unions, must be held to the very highest ethical standards,ÿ Gettelfinger said. ÿThe UAW strongly believes that Ullico should release the Thompson report to all Ullico directors and shareholders.ÿ þþþCompany spokeswoman Elaine Graves declined immediate comment on the suit. þþþThe lawsuit was filed on behalf of the pension plans for UAW national union employees. The union said the pension plans own more than 150,000 shares of Ullico stock. þþþIn December, AFL-CIO president John Sweeney, executive vice president Linda Chavez-Thompson and Frank Hanley, president of the International Union of Operating Engineers, resigned from Ullico's board over the dispute. The three were not involved in the questioned stock transactions. þþþThompson issued his report in November, but the company made it available only to board members. þþþWhen he quit, Sweeney said his repeated requests for the board to decide whether the findings would be disclosed to Ullico's shareholders have been ignored. þþUllico was created in 1925 to provide low-cost insurance to union members.
Source: Yahoo
