Russelectric Ex-Workers Get Partial Win After Stock Plan Trial

Current and former Russelectric Inc. employees prevailed after trial on a handful of claims in their 10-count class action alleging their employee stock ownership plan was raided of value after the company founder’s death.

Judge Patti B. Saris sided with the employees on certain claims surrounding a “whopping” $14 million bonus payment made to board chair John Russell in connection with the electrical equipment manufacturing company’s sale to Siemens AG. But Saris sided with the defendants on a host of other claims, including those challenging how the stock plan was compensated in connection with the Siemens sale and an ...