B-K Lighting Employee Stock Plan Settlement Gets Final Approval

A former B-K Lighting Inc. employee secured final approval for a class settlement valued at $2.25 million, resolving litigation over a transaction involving the company’s employee stock ownership plan.

The agreement, which covers about 200 people, includes a $1.5 million cash payment for plan participants and a $1 million reduction in debt—a move the parties say will increase the ESOP’s value by about $700,000. US District Court for the Eastern District of California Magistrate Judge Stanley A. Boone granted final approval to the deal and awarded class counsel more than $540,000 in attorneys’ fees and litigation expenses in an ...