A union pension fund has filed a lawsuit and is seeking class action status against K2 and its board of directors for alleged breach of fiduciary duty in accepting a $1.2 billion cash and stock buyout offer from Jarden Corp. The lawsuit was filed in San Diego Superior Court and claims K2 approved the deal on April 24, 2007 at an unfair and inadequate price. The lawsuit was filed against K2 and its board, which includes former college football coach Lou Holtz and former Vice President Dan Quayle.
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