World Travel Inc. employees who say they got a bad deal when their company became employee-owned through a stock plan negotiated an $8.7 million class settlement with the plan’s trustee and the company’s former president.
The settlement, announced Wednesday in the US District Court for the Eastern District of Pennsylvania, is expected to provide average gross payments of nearly $12,000 to 728 people who had vested accounts in the World Travel employee stock ownership plan. It resolves allegations against stock plan trustee Prudent Fiduciary Services LLC, Prudent’s founder, and World Travel’s former president.
The lawsuit challenges a $200 million ...
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