Court Preliminarily Approves Settlement In Action Targeting ESOP Payment Policies

The U.S. District Court for the Southern District of Georgia April 4 preliminarily approved a $2.875 million settlement reached in an action by former employees of a seafood company who alleged that it made changes to its employee stock ownership plan’s payment policies to deprive them of benefits (Del Rosario v. King & Prince Seafood Corp., S.D. Ga., 2:04-cv-00036-DHB-JEG, 4/4/12).

The settlement calls for Brunswick, Ga.-based King & Prince Seafood Corp. to pay $2.875 million to settle all claims. If the court gives final approval to the settlement, fees and expenses will be paid from the settlement ...