Standard Register creditors file suit over WorkflowOne deal

The suit seeks unspecified damages from Standard Register’s board of directors and certain key officers for the breach of their fiduciary duties in approving the WorkflowOne acquisition. It also seeks to recover fees and transaction bonuses paid in connection with that acquisition.

Standard Register filed for bankruptcy protection March 12, simultaneously announcing a $275 million buyout agreement with a group led by Connecticut-based Silver Point.

Monday’s lawsuit seeks to prevent Silver Point from obtaining all of the value of Standard Register’s business at the expense of the Dayton company’s other stakeholders, including unsecured creditors.