Former employees of an ACCT Holdings Inc. subsidiary negotiated a class settlement valued at $8.75 million in their lawsuit claiming they wrongly overpaid for shares of the company in their employee stock ownership plan.
The deal includes a $3 million cash payment by certain company directors who sold stock to the ESOP, along with a $5.75 million reduction in the plan’s debt. It’s expected to benefit at least 3,000 people covered by the plan between December 2021 and December 2025, according to a motion for preliminary settlement approval filed Monday in the US District Court for the Eastern District of ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.