Building Part Maker Stock Plan Lawsuit Settles for $7 Million

Former employees of Indiana building component manufacturer 80/20 Inc. secured a $7 million class settlement over claims their employee stock ownership plan was wrongly denied a chance to purchase shares in the company.

The deal, which is expected to benefit 328 people covered by the plan at its termination, represents about 32% of the plaintiffs’ realistic estimated damages. It resolves claims against investors affiliated with MPE Partners, which purchased 80/20 after founder Don Wood’s death, along with officers of 80/20 at the time of the transaction.

• The lawsuit says Wood willed the stock plan the right to buy his ...