A participant in Advanced Diagnostic Group’s employee stock plan announced a $19 million class settlement in a lawsuit saying company executives, GreatBanc Trust Co., and partners at a private finance firm drained the plan’s value for personal benefit.
The deal, announced Wednesday in the US District Court for the Middle District of Florida, is expected to provide gross payments of more than $100,000 to 185 people who received distributions from the Advanced Diagnostic stock plan. The settlement amount represents between 22% and 28% of the plan participants’ maximum estimated damages.
The lawsuit challenged the 2015 formation of the Advanced ...
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