New England Biolabs Inc. agreed to pay $7.15 million to settle a lawsuit by former workers who say they were wrongly forced to sell their stock in the genomic research company at an unfair price.
The proposed deal would provide an average gross recovery of $89,000 for each of about 80 people who had their company stock liquidated between September 2017 and September 2021. It represents about 42% of the workers’ potential damages in the case, according to a motion for settlement approval filed Monday in the US District Court for the District of Massachusetts.
The lawsuit says the company’s ...
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