Pride Mobility, Workers Strike Deal Over Stock Plan Cash Holding

A proposed class action saying Pride Mobility Products Corp. mismanaged its employee stock ownership plan by overinvesting in cash has settled, the parties told a Pennsylvania federal judge.

Pride and the proposed class of workers are finalizing a global settlement agreement and plan to submit it for court approval by early February, they said. Their joint notice, filed Wednesday in the US District Court for the Middle District of Pennsylvania, didn’t include details about the terms of the agreement.

The lawsuit says Pride breached its duties under the Employee Retirement Income Security Act by investing too much of its ...