Pride Mobility $2.1 Million Stock Plan Settlement Clears Hurdle

Former Pride Mobility Products Corp. workers secured initial court approval for a $2.1 million class settlement in their lawsuit challenging the cash holdings in their employee stock ownership plan.

The deal, which is slated to benefit about 1,500 people covered by the Pride Mobility ESOP since May 2018, represents at least 40% of the class members’ alleged losses at the time of mediation, according to court filings. Judge Karoline Mehalchick of the US District Court for the Middle District of of Pennsylvania—who hasn’t ruled on the merits of the dispute—on Thursday granted preliminary approval to the deal and scheduled ...