A former steel processing company employee gained preliminary approval for a $1.8 million class settlement aimed at resolving litigation over a transaction involving the company’s employee stock ownership plan.
The deal is expected to benefit about 428 people covered by the Flat Rock Metal & Bar Processing employee stock ownership plan. It resolves claims that the plan grossly overpaid for shares of SAC Ventures Inc., a a steel processing holding company with subsidiaries including Flat Rock.
- Judge Mark A. Goldsmith of the US District Court for the Eastern District of Michigan granted preliminary approval to the deal Thursday
- In 2024, ...
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