Pride Mobility Stock Plan Cash Lawsuit Settles for $2.1 Million

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

The proposed agreement would benefit a class of about 1,500 people covered by the Pride Mobility ESOP since May 2018, with participants who left the plan before vesting excluded. It represents at least 40% of the class members’ alleged losses at the time of mediation, according to a motion for settlement approval filed Tuesday in the US District Court for the Middle District of Pennsylvania.

The nine-month-old lawsuit says Pride breached its duties under the ...