Russelectric Stock Plan Suit Spurs Partial $3 Million Class Deal

Former employees of Massachusetts power control systems manufacturer Russelectric Inc. negotiated a $3 million settlement with a single defendant over allegations their employee stock ownership plan was raided of value after the company founder’s death.

The deal, announced Tuesday in the US District Court for the District of Massachusetts, resolves the workers’ claims against defendant Denise Wyatt, a Wells Fargo & Co. employee who served on Russelectric’s board of directors. The settlement, which would provide gross payments of about $7,600 to nearly 400 class members, doesn’t affect the workers’ pending claims against other defendants, including the company founder’s children ...