Hawaii Laborers Pension Plan, Honolulu, filed a lawsuit against executives and directors of Tractor Supply Co., Brentwood, Tenn., alleging mismanagement, unjust enrichment and waste of corporate assets, according to the company's 10-Q filing. The pension fund is seeking unspecified damages and costs in the suit, filed in Davidson County Chancery Court in Nashville. Tractor Supply said the firm was named as a "nominal defendant" in the suit. The $248 million pension fund alleged breaches of fiduciary duty, acts of bad faith, abuse of control, mismanagement, waste of corporate assets, unjust enrichment and other violations of Tennessee law related to preparation of the company's financial statements.
Tractor Supply has filed a motion to dismiss the suit.
Cal Mussmann, Tractor Supply CFO, said he does not know what stake the pension plan holds in the company. The offices of the Hawaii Laborers Pension Plan were closed today in observance of Admission Day, the anniversary of Hawaii's statehood.