Aerotech Workers Challenging Stock Plan Cash Seek Class Status

Aerotech Inc. workers challenging the company’s decision to keep a significant chunk of its employee stock ownership plan in cash-like investments asked a federal judge for permission to litigate as a 500-person class.

The workers asked Judge W. Scott Hardy to certify a class covering all the stock plan’s participants and beneficiaries since April 2018, with plan fiduciaries excluded. All class members have similar claims based on the Pittsburgh-based company’s purported failure to properly invest plan assets not held in Aerotech stock, they said.

The motion, filed Wednesday in the US District Court for the Western District of Pennsylvania, ...