A lawsuit involving the employee stock ownership plan of Illinois-based Casino Queen Inc. settled for $7.1 million after a federal judge declined to certify the case as a class action.
The deal represents an average gross recovery of about $11,000 for each of the more than 600 Casino Queen stock plan participants who sold their vested stock for less than $20 per share. About 170 participants who cashed out at at a higher price will receive flat payments of $500 each, and about 340 people with no vested shares in their stock plan accounts will receive payments of $50 each, ...
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