Former employees of an ACCT Holdings Inc. subsidiary secured initial approval for a class settlement valued at $8.75 million in a lawsuit saying they were overcharged 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 plan debt. It’s expected to benefit at least 3,000 people covered by the plan between December 2021 and December 2025, representing between 11.4% and 25.7% of their estimated damages.
- Judge Wendy Beetlestone granted preliminary approval to the deal in an order issued Tuesday ...
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