A shareholder in Florida has sued Vail Resorts in Colorado’s federal court, claiming its board members exposed the company to legal liability and monetary harm.
The Oct. 5 lawsuit is considered a derivative action because the shareholder, Thomas Stewart, is suing the board of directors on behalf of the company.
Vail owns 42 resorts across four countries, including Park City Mountain.
In addition to monetary damages, Stewart’s complaint could also result in behavioral remedies, meaning a judge could force Vail to reform its internal policies.
It closely resembles another derivative action filed in Colorado’s U.S. District Court in September by Gary Peterson, a shareholder from Minnesota.
Both lawsuits are based on earlier antitrust cases, saying that if what skiers allege in those cases is true, then Vail’s own shareholders were harmed too.
One antitrust lawsuit has to do with which ski areas are included on the Epic Pass — it also targeted Alterra Mountain Company.
The other is related to lift ticket prices and ropes in two other resort operators, POWDR and Boyne Resorts.
With both cases still pending, Vail has asked Colorado’s federal court to put Peterson’s complaint on hold. The company had not responded to Stewart’s lawsuit as of midday Friday.
A spokesperson for the resort owner didn’t immediately respond to a request for comment.
Vail’s board is separately under pressure from an activist investor. Oasis Management has steadily increased its stake in the company and is trying to replace board members at the company’s annual meeting later this year.
Vail Resorts’ EpicPromise Employee Foundation is a financial supporter of KPCW.
