Retired AA Management Group employee files suit over fraud allegations

By Jenie Mallari-Torres | Jun 14, 2018

MILWAUKEE (Legal Newsline) – A Wisconsin man has filed suit against his former employer over allegations facts were omitted from him before he accepted an early retirement offer.

Peter S. Huck filed a complaint Feb. 5 in the Milwaukee County Circuit Court against Duff & Phelps LLC, AA Management Group Inc., Joseph P. Zvesper and Prairie Capital Advertisers Inc. alleging common law fraud, breach of fiduciary duty and other counts.

According to the complaint, the plaintiff was previously employed by American Appraisal Associates, a subsidiary of AA Management Group, and was also a minority shareholder. The suit states AA Management Group was acquired by and merged with Duff & Phelps in 2015.

He alleges in August 2014, Zvesper approached him about retirement and that AA Management Group would purchase his 1,080 shares of stock for $611.48 a share, which he agreed to. The suit states he retired the following month, but later learned that Duff & Phelps would be purchasing AA Management Group and stock would be a converted value of more than $1,400 per share.

The plaintiff holds Duff & Phelps LLC, AA Management Group Inc., Zvesper and Prairie Capital Advertisers Inc. responsible because the defendants allegedly failed to disclose fact of the imminent merger to plaintiff to buy back his stock shares at a lower price.

The plaintiff seeks judgment against defendants for compensatory damages, costs, attorney's fees, punitive damages, and other relief as the court deems just. He is represented by Nora E. Gierke, David E. Frank and Willem J. Noorlander of Gierke Frank Noorlander LLC in Wauwatosa, Wisconsin.

Milwaukee County Circuit Court case number 18-cv-841

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