Maine Oxy Cleared for $6.3 Million Worker Stock Plan Settlement

Welding supply maker Maine Oxy Acetylene Supply Co. received final federal court approval for a $6.3 million class settlement with workers who say they were forced to give up their company stock at a steep discount.

The settlement covers about 100 people and resolves claims that workers were forced to sell the Maine Oxy stock in their employee stock ownership plan for $134 per share when the company came under new ownership in 2012. This deal paid them about $3.3 million for their collective 49% stake in the company, while the company’s prior owner sold his 51% share for nearly ...