Auto Loan Servicer Approved for $1.25 Million Stock Plan Accord

Auto loan servicer Westlake Services Holding Co. finalized a $1.25 million settlement resolving a lawsuit saying its employees were wrongly forced to sell their company stock at an unfair price during the Covid-19 pandemic.

Judge Fred W. Slaughter of the US District Court for the Central District of California on Monday granted final approval to the deal, which is slated to provide 133 former participants in Westlake’s employee stock ownership plan with average net payments of about $5,763. Slaughter also awarded class counsel $396,699 in attorneys’ fees, representing a slight reduction from the amount requested to ensure the lawyers receive ...