Russelectric Workers Advance Would-Be Class Suit Over Stock Plan

Former employees of Massachusetts power control systems manufacturer Russelectric Inc. advanced a lawsuit saying their employee stock ownership plan was raided of value by the company founder’s children after his death.

Judge Patti B. Saris on Thursday denied a pair of dismissal motions filed by a slew of defendants, including the children of Russelectric founder Raymond Russell, members of the company’s board of directors, and stock plan trustee Argent Trust Co. The workers didn’t release their claims related to the stock plan in connection with the company’s 2019 sale to manufacturing conglomerate Siemens AG, Saris said, because they appear ...