Pride Mobility Cleared for $2.1 Million Stock Plan Settlement

Pride Mobility Products Corp. finalized a $2.1 million class settlement with workers who challenged the cash holdings in their employee stock ownership plan.

The agreement, 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 granted final approval to the deal and awarded class counsel $700,000 in attorneys’ fees in a pair of orders issued Tuesday in the US District Court for the Middle District of Pennsylvania.

• The lawsuit says Pride ...