An $8.7 million class settlement benefiting employees of World Travel Inc. received preliminary court approval, paving the way for resolution of claims challenging the company’s transition to employee ownership through a stock plan.
The settlement is slated 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.
Judge Harvey Bartle III granted preliminary approval to the deal in an order docketed Tuesday. He also scheduled a June 12 fairness ...
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