Churchill Mortgage Workers Cleared for $850,000 Stock Plan Pact

Former Churchill Holdings Inc. employees finalized their $850,000 class settlement over claims their employee stock ownership plan was forced to overpay for shares purchased from the Tennessee mortgage lender’s chief executive.

The agreement is expected to provide gross payments of about $850 per class member, resolving a certified class action centering on a 2020 transaction in which Churchill’s ESOP paid more than $74 million to purchase a 51% stake in the company. Workers said this was an inflated price based on faulty financial projections and valuations.

• Judge Waverly D. Crenshaw Jr. of the US District Court for the Middle District ...