Russelectric Stock Plan Suit Yields Another Partial Settlement

Current and former employees of power control systems manufacturer Russelectric Inc. settled with Argent Trust Co. for $4.5 million in their lawsuit saying their employee stock ownership plan was raided of value after the company founder’s death.

The partial class settlement resolves claims that Argent, which served as trustee for the Russelectric stock plan, approved a transaction that workers say seriously underpaid them for their shares in the company. It would provide gross payments of about $11,400 to nearly 400 class members.

The deal, announced Tuesday in the US District Court for the District of Massachusetts, comes two weeks after ...