ACCT Holdings Employee Stock Plan Deal Spurs Would-Be Class Suit

A former employee of an ACCT Holdings Inc. subsidiary filed a proposed class action against the trustee of the company’s employee stock ownership plan, saying workers overpaid to become owners of the company.

The lawsuit, filed Thursday in the US District Court for the Eastern District of Pennsylvania, takes aim at a 2021 transaction in which ACCT’s stock plan acquired an ownership stake in the company through a $320 million transaction financed by loans from ACCT. The plaintiff, a former supervisor at an ACCT subsidiary, says the deal was structured in such a way that workers overpaid for their ...