Auto loan servicer Westlake Services Holding Co. agreed to pay $1.25 million to resolve a lawsuit saying its employees were wrongly forced to sell their company stock at a depressed price during the Covid-19 pandemic.
The proposed deal is expected to benefit about 185 former participants in Westlake’s employee stock ownership plan, according to a June 28 settlement motion. The participants estimated that the case’s remaining claims could support a damages award of about $3.4 million, according to a declaration submitted by one of their attorneys.
The year-old lawsuit centers on Westlake’s employee stock ownership plan, which allows nonunion ...
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